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The top 3 errors on 401(k) plan audits in 2024

The top 3 errors on 401(k) plan audits in 2024

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

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...
What happens if I miss a 401k plan audit deadline?

What happens if I miss a 401k plan audit deadline?

by cpaadmin | Jul 15, 2024 | 401k Plan Audit, 401k Plan Mistakes, Audit Deadlines, Audit Procedures

As a plan sponsor, you’ve got a lot on your plate, and it’s easy to back-burner certain tasks—like your annual 401(k) audit. If you’re wondering (hypothetically or not), “What happens if I miss a 401k plan audit deadline?” … Here’s your...
Avoid the most common 401k compliance error with these eligible compensation best practices

Avoid the most common 401k compliance error with these eligible compensation best practices

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...

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