by JoAnn Cassell | Feb 18, 2022 | Uncategorized
In 2021, Paycheck Protection Program loan recipients were hit with two pieces of important news: First, the obvious: Many PPP loan holders entered the period where they could apply for loan forgiveness. Borrowers can apply once all loan proceeds have been used, any...
by JoAnn Cassell | Jan 17, 2022 | 401k Audit Firm, 401k Compliance, 401k Plan Audit, Audit Insights, Audit Procedures, Auditor, Plan Sponsors, Retirement Plan, SAS 136
Your independent auditor has always adhered to auditing standards established by The Audit Standards Board of the American Institute of Certified Public Accountants (AICPA). This year, new standards will be implemented for your employee benefit plan audit. In July of...
by JoAnn Cassell | Dec 16, 2021 | 401k Audit Firm, 401k Plan Audit, 401k Plan Mistakes, Audit Insights, Auditor, Plan Sponsors, Virtual Audits
You probably already know your 401k plan must satisfy certain plan qualification requirements enforced by the IRS. But what you may not know is that if your plan fails to meet these requirements you, the employer and plan fiduciary, may be subject to personal...
by JoAnn Cassell | Nov 19, 2021 | 401k Audit Firm, Auditor, Employee Addition
Kimberly R. Townsend Kim earned a Bachelor of Science degree from Madonna University in 2005. Then, after working as a corporate financial consultant for four years, returned to school to focus on accounting and earned a second degree in business administration with a...
by JoAnn Cassell | Nov 15, 2021 | 401k Audit Firm, 401k Compliance, 401k Plan Audit, Audit Insights
There are many benefits to having a 401(k) plan for your employees, such as retirement savings for your team, reduced taxes on wages, and reduced taxes for the employer, to name a few. However, there are responsibilities as well, and the employer carries the...
by JoAnn Cassell | Oct 15, 2021 | 401k Plan Audit, Uncategorized
Do you know the real cost of your plan? 401(k) plans are attractive to employers for retaining and recruiting employees, but all 401(k) plans come with a price. No surprise, right? Yet, costs shouldn’t prevent you from offering this benefit to your employees, just try...
by JoAnn Cassell | Sep 15, 2021 | Retirement Plan, Uncategorized
Establishing a 401(k) retirement plan is simple. After all, you just have to choose vendors, draft legally sound documents, operate the plan, and stay in compliance. No big deal, right? Actually… not so much. Setting up a 401(k) plan involves many moving pieces...
by JoAnn Cassell | 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 JoAnn Cassell | Jul 22, 2021 | 401k Audit Firm, 401k Plan Audit, 401k Plan Audit Documentation, Merger & Acquisitions, Plan Sponsors, Record Retention, Retirement Plan
Congratulations to your organization, on selling (or buying) a business! Now comes the fun part: Figuring out what to do with all of those employee records. When you’re a 401(k) retirement plan sponsor, the question of what to retain through the merger and...
by JoAnn Cassell | Jun 16, 2021 | 401k Audit Firm, 401k Audit Oversight, 401k Plan Audit, 401k Plan Audit Documentation, Audit Procedures, Virtual Audits
We all know that 401k plans provide benefits to employees and employers alike, offering enhanced retirement security for workers and acting as an enticement when recruiting new employees. But for those charged with managing 401k oversight, these popular plans bring...
