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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...
Are you retaining your digitally signed payroll Form I-9 correctly? You might not be.

Are you retaining your digitally signed payroll Form I-9 correctly? You might not be.

by cpaadmin | Jan 15, 2025 | 401k Plan Audit Documentation, Record Retention, Regulations & Policies

Updating your payroll procedures for paperless, electronic documents? Good. Improperly retaining said documents, putting you out of compliance with federal policy and regulation? Bad. In short, are you retaining your digitally signed payroll Form I-9 correctly? Here’s...
Year-end is coming! Complete these year-end 401(k) plan tasks to stay compliant

Year-end is coming! Complete these year-end 401(k) plan tasks to stay compliant

by cpaadmin | Nov 15, 2024 | 401k Compliance, 401k Plan Audit Documentation, Audit Deadlines

“It’s the most wonderful time of the year…” Frozen turkeys go on sale, holiday carols fill the airwaves… and retirement plan sponsors check off those year-end 401(k) plan tasks to stay compliant. (That’s what you were thinking, too, right?) Because by the end of the...
Annual 401(k) plan notices are due December 2. Are you ready?

Annual 401(k) plan notices are due December 2. Are you ready?

by cpaadmin | Oct 15, 2024 | 401k Auto-Enrollment, 401k Communication, 401k Compliance, Employee Addition, Regulations & Policies, Safe Harbor 401(k)

Autumn is well underway, and with it comes those seasonal tasks: Hire the neighborhood kid to rake fallen leaves… Check. Stock up on candy for Halloween trick-or-treaters… Check. Put together this year’s annual 401(k) plan notices…   Check?! Consider this a gentle...
Is your 401(k) plan “large” or “small”? —for audit purposes, that is.

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...
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