5500audit.com RSS Feed http://5500audit.com/ Take a look at our recent blog posts and client newsletter articles. en-us Fri, 01 Jan 2021 09:00:00 -0600 Fri, 01 Jan 2021 09:00:00 -0600 The COVID-related Tax Relief Act of 2020 http://www.5500audit.com/newsletter.php#4 The Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020, contains a number of tax provisions - among them pandemic relief for businesses and individuals. Fri, 01 Jan 2021 09:00:00 -0600 http://www.5500audit.com/newsletter.php#4 Important Tax Changes for Individuals and Businesses http://www.5500audit.com/newsletter.php#1 Each year brings changes to current tax law, and this year is no different. From tax rate schedules to health savings accounts and adoption credits, here's what you need to know. Fri, 01 Jan 2021 09:00:00 -0600 http://www.5500audit.com/newsletter.php#1 Identity Protection PIN Available To All Taxpayers http://www.5500audit.com/newsletter.php#2 Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to include all taxpayers who can properly verify their identity. Fri, 01 Jan 2021 09:00:00 -0600 http://www.5500audit.com/newsletter.php#2 Credit Reports: What You Should Know http://www.5500audit.com/newsletter.php#3 Periodically reviewing your credit report is an effective way to prevent credit card fraud and could alert you to signs of identity theft. Fri, 01 Jan 2021 09:00:00 -0600 http://www.5500audit.com/newsletter.php#3 Working Remotely Could Affect Your Taxes http://www.5500audit.com/newsletter.php#3 If you're working remotely from a location in a different state (or country) from your office, you could be facing a tax surprise next year. Tue, 01 Dec 2020 09:00:00 -0600 http://www.5500audit.com/newsletter.php#3 Small Business: Deductions for Charitable Giving http://www.5500audit.com/newsletter.php#4 Tax breaks for charitable giving are not limited to individuals; your small business can benefit from them as well. Tue, 01 Dec 2020 09:00:00 -0600 http://www.5500audit.com/newsletter.php#4 Individual Taxpayers: Recap for 2020 http://www.5500audit.com/newsletter.php#1 As we close out the year, here's what individuals and families need to know about tax provisions for 2020. Tue, 01 Dec 2020 09:00:00 -0600 http://www.5500audit.com/newsletter.php#1 Business Tax Provisions: The Year in Review http://www.5500audit.com/newsletter.php#2 Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes. Tue, 01 Dec 2020 09:00:00 -0600 http://www.5500audit.com/newsletter.php#2 Applying for Tax-Exempt Status as a Nonprofit http://www.5500audit.com/newsletter.php#5 Whether you're starting a charity, a social organization, or an association there are certain steps you must take before you can apply for tax-exempt status. Tue, 01 Dec 2020 09:00:00 -0600 http://www.5500audit.com/newsletter.php#5 401(k) Service Providers and the Role They Serve http://www.5500audit.com/blog.php?id=50 Discussion of the various service providers involved in the administration of your 401(k) plan. Mon, 03 Feb 2020 09:00:00 -0600 http://www.5500audit.com/blog.php?id=50 Frequent 401(k) Audit Finding Series - Documentation Failures http://www.5500audit.com/blog.php?id=49 Maintaining proper documentation for all areas of your 401(k) Plan is critical to survive audit. Tue, 12 Mar 2019 09:00:00 -0500 http://www.5500audit.com/blog.php?id=49 Withdraw from Your 401(k) at Age 55 http://www.5500audit.com/blog.php?id=48 How to access your 401(k) funds for early retirement. Fri, 18 Jan 2019 09:00:00 -0600 http://www.5500audit.com/blog.php?id=48 What is a 3(16), 3(21), or 3(38) Fiduciary? http://www.5500audit.com/blog.php?id=46 Don't feel overwhelmed by the terms and technical jargon surrounding your 401(k) plan fiduciary responsibilities. This article will provide you with a working knowledge of some of the terms you are likely to encounter. Fri, 09 Nov 2018 09:00:00 -0600 http://www.5500audit.com/blog.php?id=46 Frequent 401(k) Audit Finding Series - Use of Forfeitures http://www.5500audit.com/blog.php?id=45 Forfeitures of employer contributions arising in a 401(k) plan can be used in one of three ways (as outlined in the Plan's adoption agreement). Wed, 29 Aug 2018 09:00:00 -0500 http://www.5500audit.com/blog.php?id=45 Frequent 401(k) Audit Finding Series - Hardship Distributions http://www.5500audit.com/blog.php?id=44 As a Plan Sponsor, your ears should perk up when you hear "hardship distribution". This article discusses some common failures we see during our audits... Mon, 09 Jul 2018 09:00:00 -0500 http://www.5500audit.com/blog.php?id=44 Frequent 401(k) Audit Finding Series - Late Remittances http://www.5500audit.com/blog.php?id=43 The latest post from our 401(k) audit finding series discusses how the Department of Labor ("DOL") defines late remittances of employee contributions and outlines the corrective action needed. Fri, 11 May 2018 09:00:00 -0500 http://www.5500audit.com/blog.php?id=43 Frequent 401(k) Audit Finding Series - Failure to Remit All Contributions http://www.5500audit.com/blog.php?id=42 A critical responsibility of 401(k) plan sponsors is to remit all employee contributions to the trust. Mon, 19 Mar 2018 09:00:00 -0500 http://www.5500audit.com/blog.php?id=42 Frequent 401(k) Audit Finding Series - Definition of Compensation Failures http://www.5500audit.com/blog.php?id=41 One of the more common 401(k) audit failures - definition of compensation - discussed. Sun, 28 Jan 2018 09:00:00 -0600 http://www.5500audit.com/blog.php?id=41 What Expenses Can Be Paid From Our 401(k) Plan? http://www.5500audit.com/blog.php?id=40 Many fees related to the administration of your 401(k) Plan can be paid utilizing Plan assets. Sun, 28 May 2017 09:00:00 -0500 http://www.5500audit.com/blog.php?id=40 Full scope vs limited-scope audits http://www.5500audit.com/blog.php?id=39 What is a limited scope 401(k) audit and how does it differ from a full scope audit? Sun, 26 Jun 2016 09:00:00 -0500 http://www.5500audit.com/blog.php?id=39 401(k) Administrative Fees - Impact of an ERISA Expense Account http://www.5500audit.com/blog.php?id=38 An ERISA Expense Account are plan level accounts established to hold excess revenue that can be used to pay eligible plan expenses. Wed, 13 Apr 2016 09:00:00 -0500 http://www.5500audit.com/blog.php?id=38 401(k) Match True-Up Explained http://www.5500audit.com/blog.php?id=37 An explanation of what is meant by a match true-up and an example showing how the true-up works. Tue, 08 Mar 2016 09:00:00 -0600 http://www.5500audit.com/blog.php?id=37 Form 5500 Due Date http://www.5500audit.com/blog.php?id=36 After two recent changes in the IRS Form 5500 deadline, we are back to where we started. Mon, 21 Dec 2015 09:00:00 -0600 http://www.5500audit.com/blog.php?id=36 Dual Role Service Providers and Conflicts of Interest http://www.5500audit.com/blog.php?id=35 When company administering 401(k) plan selects investments is there a conflict of interest? Wed, 19 Aug 2015 09:00:00 -0500 http://www.5500audit.com/blog.php?id=35 401(k) Automatic Enrollment - New IRS Correction Methods http://www.5500audit.com/blog.php?id=34 New 2015 guidance by the IRS alters the corrective action needed by plan sponsors when correcting errors related to 401(k) auto enrollment. Fri, 01 May 2015 09:00:00 -0500 http://www.5500audit.com/blog.php?id=34 401(k) Auto Enrollment - Unforeseen Admin Costs Attributable to Small Account Balances http://www.5500audit.com/blog.php?id=33 One of the unintended bi-products of adding auto enrollment to your company 401(k) plan can be the unwanted buildup of small account balances. These balances can increase your administrative burdens and drive up the costs to run the Plan. Thu, 19 Mar 2015 09:00:00 -0500 http://www.5500audit.com/blog.php?id=33 401(k) Automatic Enrollment - Things to Consider http://www.5500audit.com/blog.php?id=32 401(K) Auto Enrollment can lead to unintended consequences. Proper thought and planning can eliminate unwanted surprises. Thu, 05 Feb 2015 09:00:00 -0600 http://www.5500audit.com/blog.php?id=32 401(k) Re-enrollment? http://www.5500audit.com/blog.php?id=31 A new trend is to reallocate 401(k) participant investments into new funds (usually target-date funds) through a process known as re-enrollment. Fri, 09 Jan 2015 09:00:00 -0600 http://www.5500audit.com/blog.php?id=31 2015 Contribution Limits http://www.5500audit.com/blog.php?id=30 In late October, the IRS announced the limitations for contributions on retirement plans. Sat, 13 Dec 2014 09:00:00 -0600 http://www.5500audit.com/blog.php?id=30 401(k) Balances at Record Highs http://www.5500audit.com/blog.php?id=29 New data shows that 401(k) balances are at all time highs. The news is not all good... Thu, 17 Apr 2014 09:00:00 -0500 http://www.5500audit.com/blog.php?id=29 401(k) Plan Problems Identified Under DOL Scrutiny http://www.5500audit.com/blog.php?id=28 Forbes recently identified some troubling statistics relating to the administration of 401(k) plans. Sat, 15 Feb 2014 09:00:00 -0600 http://www.5500audit.com/blog.php?id=28 2014 Contribution Limits http://www.5500audit.com/blog.php?id=27 IRS 2014 Contribution Limits Fri, 01 Nov 2013 09:00:00 -0500 http://www.5500audit.com/blog.php?id=27 401(k) Audit Nondiscrimination Testing - Part Three http://www.5500audit.com/blog.php?id=26 The third in a series of blog postings that discusses required coverage and non-discrimination testing that a 401(k) Plan must undergo Sat, 17 Aug 2013 09:00:00 -0500 http://www.5500audit.com/blog.php?id=26 401(k) Audit Nondiscrimination Testing - Part Two http://www.5500audit.com/blog.php?id=25 The second in a series of blog postings that will define some common terms and explain the required annual testing your plan must undergo. Tue, 09 Jul 2013 09:00:00 -0500 http://www.5500audit.com/blog.php?id=25 401(k) Audit Nondiscrimination Testing - Part One http://www.5500audit.com/blog.php?id=24 The first in a series of blog postings that will define some common terms and explain the required annual testing your plan must undergo. Sat, 22 Jun 2013 09:00:00 -0500 http://www.5500audit.com/blog.php?id=24 Impact of Recently Enacted Fee Disclosures http://www.5500audit.com/blog.php?id=23 Newly required fee disclosures have little impact on 401(k) participant behavior. Wed, 17 Apr 2013 09:00:00 -0500 http://www.5500audit.com/blog.php?id=23 One of Three Workers in Financial Distress? http://www.5500audit.com/blog.php?id=22 Recent reports suggest that one out of every three workers is tapping into their 401(k) savings via hardship distributions. Mon, 18 Mar 2013 09:00:00 -0500 http://www.5500audit.com/blog.php?id=22 Salary Deferrals and Annual Compensation Limits http://www.5500audit.com/blog.php?id=21 Below is a short article to help you understand the appropriate time to suspend your employee's 401(k) deferrals. Sat, 23 Feb 2013 09:00:00 -0600 http://www.5500audit.com/blog.php?id=21 401(k) Plan Short Comings... http://www.5500audit.com/blog.php?id=20 November 2012 MarketWatch article discussing why a 401(k) plan may not be achieving the desired results. Mon, 19 Nov 2012 09:00:00 -0600 http://www.5500audit.com/blog.php?id=20 IRS announces 2013 dollar limitations http://www.5500audit.com/blog.php?id=18 Contribution limits for 2013 retirement plans. Wed, 31 Oct 2012 09:00:00 -0500 http://www.5500audit.com/blog.php?id=18 Hardship Distributions = "Red Alert" http://www.5500audit.com/blog.php?id=17 Few transactions offer more potential for the Plan Administrator to fail than a hardship distribution. Education and vigilance are the keys to navigating the process. Sat, 14 Jul 2012 09:00:00 -0500 http://www.5500audit.com/blog.php?id=17 Fee Disclosures - 3 Month Extension http://www.5500audit.com/blog.php?id=16 On February 2, 2012, the DOL released the final ruling on Section 408(b)(2) fee disclosures resulting in yet another extension of the effective date... Fri, 03 Feb 2012 09:00:00 -0600 http://www.5500audit.com/blog.php?id=16 ASPPA Requests Fee Disclosure Extension http://www.5500audit.com/blog.php?id=15 As the deadline for ERISA Section 408(b)(2) and 404(a) regulations nears, industry leaders are asking for more time. Sun, 08 Jan 2012 09:00:00 -0600 http://www.5500audit.com/blog.php?id=15 2012 - Cost of Living Adjustments http://www.5500audit.com/blog.php?id=14 Retirement plan contribution limits for 2012 have been announced... Tue, 29 Nov 2011 09:00:00 -0600 http://www.5500audit.com/blog.php?id=14 Fee disclosures officially delayed http://www.5500audit.com/blog.php?id=13 The Department of Labor has officially moved the deadline for compliance on fee disclosures. Sat, 23 Jul 2011 09:00:00 -0500 http://www.5500audit.com/blog.php?id=13 Participant Statement Fee Disclosure Update http://www.5500audit.com/blog.php?id=12 Changes are coming to the statements participants in your 401(k) plan receive on a quarterly basis. Disclosures of fees deducted from participant accounts will be shown on the face of the statement. The level of detail and the timing of the implementation remain undecided... Sat, 02 Jul 2011 09:00:00 -0500 http://www.5500audit.com/blog.php?id=12 Participant Loan Bill Moving Through Senate http://www.5500audit.com/blog.php?id=11 Senate bill seeks to make changes to current regulations governing participant loans. Sun, 05 Jun 2011 09:00:00 -0500 http://www.5500audit.com/blog.php?id=11 Investment Policy Statement http://www.5500audit.com/blog.php?id=10 A well written investment policy statement can go a long way in demonstrating that you fulfilled your fiduciary duties. Sun, 27 Mar 2011 09:00:00 -0500 http://www.5500audit.com/blog.php?id=10 Who Is A Fiduciary? http://www.5500audit.com/blog.php?id=9 Being a fiduciary of a 401(k) plan is an important function that comes with a certain level of personal risk. Tue, 01 Mar 2011 09:00:00 -0600 http://www.5500audit.com/blog.php?id=9 401k Audit - a Value Added Service? http://www.5500audit.com/blog.php?id=8 Do you view your current employee benefit plan audit as a regulatory requirement? When properly planned, an benefit plan audit should provide a value added service. Wed, 16 Feb 2011 09:00:00 -0600 http://www.5500audit.com/blog.php?id=8 Participant Loans and Deemed Distributions http://www.5500audit.com/blog.php?id=7 Deemed distributions occur when a participant fails to repay a loan from an employee benefit plan - the result is the loan becomes taxable income to the participant. Fri, 07 Jan 2011 09:00:00 -0600 http://www.5500audit.com/blog.php?id=7 Accounting Change - Participant Loans http://www.5500audit.com/blog.php?id=6 New rules governing the accounting for participant loans by defined contribution plans. Mon, 20 Sep 2010 09:00:00 -0500 http://www.5500audit.com/blog.php?id=6 Do I Need a 401(k) Audit? http://www.5500audit.com/blog.php?id=5 A 401(k) audit is triggered by the number of eligible participants in your plan. Do you know the threshold? Wed, 05 May 2010 09:00:00 -0500 http://www.5500audit.com/blog.php?id=5 Defining Compensation http://www.5500audit.com/blog.php?id=4 Are you familar with the definition of compensation as it is written in your 401(k) or 403(b) plan? Nearly all calculations from employee deferrals to employer matching are driven by the definition of compensation so you should be... Sat, 27 Mar 2010 09:00:00 -0500 http://www.5500audit.com/blog.php?id=4 Participant Forfeitures http://www.5500audit.com/blog.php?id=3 Definition and uses of Participant forfeitures Sun, 21 Feb 2010 09:00:00 -0600 http://www.5500audit.com/blog.php?id=3 Correcting Plan Failures http://www.5500audit.com/blog.php?id=2 You have identified that your Plan may not be in compliance with your Plan Document (or worse with IRS/DOL regulations) - What do you do now? Wed, 03 Feb 2010 09:00:00 -0600 http://www.5500audit.com/blog.php?id=2 Remittance of Participant Deferrals http://www.5500audit.com/blog.php?id=1 Department of Labor issues guidance on remitting employee deferrals Mon, 25 Jan 2010 09:00:00 -0600 http://www.5500audit.com/blog.php?id=1