Understanding your fiduciary responsibilities as a 401(k) plan sponsor

by cpaadmin | Sep 15, 2024 | 401k Compliance, Fiduciary, Record Retention, Regulations & Policies

Understanding your fiduciary responsibilities as a 401(k) plan sponsor is critical to staying compliant and protecting yourself from personal liability. In short, no matter what, the buck stops with you. (Yes, we made a visual pun! Enjoy.) The Department of Labor...

Avoid a costly mistake: Deposit 401(k) plan contributions and loan payments on time

by cpaadmin | Aug 15, 2024 | 401k Compliance, 401k Plan Mistakes, Regulations & Policies, Uncategorized

We’ve heard it all, over the 10+ years Cassell Plan Audits has been operating. Excuses like, “It wasn’t that late” and “We didn’t know” when our clients didn’t deposit 401(k) plan contributions and loan payments on time. Unfortunately, getting 401(k) plan...

Is your 401(k) plan “large” or “small”? —for audit purposes, that is.

by cpaadmin | Jun 15, 2024 | 401k Compliance, 401k Plan Audit, Audit Procedures, Preparing for a 401(k) audit, Regulations & Policies

Here’s how to determine the number of qualifying participants for your 401(k) audit.   The total number of participants with balances in your retirement plan drives how the IRS Code and the Department of Labor see your plan. For audit purposes, this definition...

A quick-and-easy checklist for your next 401(k) plan audit

by cpaadmin | Feb 15, 2024 | 401k Plan Audit Documentation, Plan Sponsors, Preparing for a 401(k) audit, Regulations & Policies

As a seasoned plan sponsor, this is not your first audit. Here is a quick-and-easy checklist for your next 401(k) plan audit so you catch what may have changed—on your side or the regulatory side — to ensure that your next audit is as painless and efficient as...

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...

Growing 401(k) plan? The 80/120 rule could save you time and money.

by cpaadmin | Nov 15, 2023 | 401k Plan Audit, 5500, Regulations & Policies

If your 401(k) plan is close to hitting “large” by DOL rules at the start of your plan year, the 80/120 rule could save you time and money.   It happens. You begin a new plan year, and suddenly, you’re now a “large” 401(k) plan by Department of Labor standards....