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

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.

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...
Effective 1-1-24: New treatment of LTPT employees mandated by IRS

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...
There is no such thing as a FREE 401(k) plan

There is no such thing as a FREE 401(k) plan

by cpaadmin | 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...
Setting up a 401(k) retirement: Who does what?

Setting up a 401(k) retirement: Who does what?

by cpaadmin | 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...
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