by cpaadmin | Feb 15, 2025 | 401k Compliance Error, 401k Plan Mistakes, Audit Insights, Eligible compensation discrepancies
With 2024’s audit season a none-too-distant memory, it’s time to look back at the top 3 errors on 401(k) plan audits we saw our clients make last year… So you can prevent them from showing up during your next benefits plan audit! Since we specialize in 401(k) plan...
by cpaadmin | Apr 15, 2023 | 401k Compliance, 401k Compliance Error, 401k Plan Mistakes, Audit Procedures, Eligible compensation discrepancies, Plan Sponsors
Imagine this: The sales team has the best quarter ever. Five of seven team members win record-breaking performance bonuses. To keep the momentum going, they are sent to a team-building retreat in Cancun. The company covers many expenses along the way but still comes...
by cpaadmin | Aug 18, 2021 | 401k Audit Firm, 401k Compliance Error, 401k Plan Audit, 401k Plan Audit Documentation, Audit Procedures, Eligible compensation discrepancies, Employee Corrective Contribution
It happens… you’ve performed your audit and discovered some discrepancies. If you’ve ever found yourself in this position, you’re definitely not alone. In fact, eligible compensation errors are so common that they’re included in the IRS...
by cpaadmin | May 18, 2021 | 401k Audit Firm, 401k Compliance Error, 401k Plan Audit, Audit Procedures, Fiduciary, Retirement Plan
You’ve probably heard that recent litigation over breaches of fiduciary duty under the Employee Retirement Income Security Act (ERISA) has been making a stir. It’s important to recognize that fiduciaries of retirement plans for small businesses have the same legal...
by cpaadmin | Feb 15, 2021 | 401k Compliance Error
Errors with eligible compensation—or, the income that counts toward your 401k retirement plan—were the number one compliance issue we saw in the 2020 audit season. It’s counterintuitive, because the definition of “eligible compensation” is dictated by the employer...
