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How to prepare for your first 401(k) plan audit

How to prepare for your first 401(k) plan audit

by cpaadmin | Mar 15, 2024 | 401k Plan Audit, 401k Plan Audit Documentation, Audit Deadlines, Audit Procedures, Preparing for a 401(k) audit

For employers or plan sponsors with 401(k) plans with 100 or more participants with balances, here’s how to prepare for your first 401(k) plan audit.  Step One: Determine whether your 401(k) plan requires an independent audit. Firstly, who makes this determination? ...
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...
Know who’s who: Your 401(k) plan service providers

Know who’s who: Your 401(k) plan service providers

by cpaadmin | Sep 15, 2023 | 401k Audit Firm, 401k Communication, Auditor, Fiduciary, Plan Sponsors

There are many service providers on your 401(k) plan team. Here’s what their roles are and what to expect from each of them. To keep your 401(k) plan sustainable, successful, and compliant with IRS and Department of Labor regulations, it’s important to know who’s who,...
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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