Effective 1-1-24: New treatment of LTPT employees mandated by IRS

by cpaadmin | Dec 15, 2023 | 401k Compliance, Employee Addition, Plan Sponsors, Record Retention, Regulations & Policies, SECURE Act

It’s official! The IRS (finally!) released guidance on the new treatment of LTPT employees (long-term part-time) vis-a-vis your 401(k) plan. And not a moment too soon! Changes are effective 1-1-24. Here’s what you need to know to treat LTPT employees properly in the...

Got M&A? Don’t forget to consider 401(k) plans in your merger or acquisition.

by cpaadmin | Aug 15, 2023 | 401k Compliance, Merger & Acquisitions, Record Retention, Uncategorized

Don’t get surprised at audit time. Stay compliant when handling the 401(k) or benefits plans during a merger or acquisition. Merging or holding companies? Buying a business? “What will happen to our 401(k)?” is a question that rarely comes up. But the last...

What are Agreed-Upon Procedures, and when do you need them?

by cpaadmin | Jul 15, 2023 | 401k Compliance

Don’t require a full-scale audit? There’s an alternative: agreed-upon procedures. In our last blog, we discussed changes to 401(k) audit requirements that mean many small and mid-sized businesses won’t need a formal annual 401(k) audit. To summarize: As a...

A new DOL policy means you may not need a 401(k) plan audit. (Here’s what you need to know).

by cpaadmin | Jun 15, 2023 | 401k Audit Oversight, 401k Compliance, 401k Plan Audit, 5500, Audit Procedures

A new DOL policy means you may not need a 401(k) plan audit. On February 23, the Department of Labor, IRS, and Pension Benefit Guarantee Corporation unveiled major changes to employee benefits plan reporting. Small businesses rejoice as a new Department of Labor rule...

Review BEFORE the audit: not every income type is the same

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...

You’ve changed payroll providers—Here’s what NOT to do to stay 401(k)-compliant

by cpaadmin | Mar 15, 2023 | 401k Compliance

ADP, Gusto, Paychex, and the rest… they make payroll (and life) easier. Small businesses can save millions of dollars a year by forgoing an internal payroll department and outsourcing to one of these respected companies. But watch out! Changing payroll providers...