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...
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...
by cpaadmin | Nov 15, 2022 | Cyber Safety
Cybersecurity: it’s another area businesses are spending more and more on. And yep, Department of Labor regulations mean you can get audited on it. It’s no surprise the government wants to take cybersecurity more seriously. The average data breach costs more than $4...
by cpaadmin | Oct 15, 2022 | Employee Termination
Terminating an employee is never easy, but can be necessary. When people leave your company—voluntarily or not—they take the value in their 401(k) plan with them to continue their retirement savings. The catch: this doesn’t happen automatically. After an employee’s...
by cpaadmin | Sep 15, 2022 | 401k Auto-escalation
Auto-escalation is another way you can encourage investment in your 401(k) plan and help your employees put their money to work. With auto-escalation, employees’ 401(k) withholding amount goes up by one percentage point per year until reaching the maximum of 10%....