s discussed in part two of our 401k blog series, one of the purposes of a retirement plan audit is to ensure the plan operates in compliance with both plan documents and IRS and DOL regulations. To do this, your auditor will request access to several documents. Some will be plan-specific documents, while others will be HR and related documents.
The IRS has been busy. In the past two years, the agency has processed trillions of dollars in pandemic relief funds, adjusted to often-changing tax deadlines, and dealt with several complex new tax laws. At the same time, funding was 20 percent lower than in 2010. Understaffed is the understatement of the century.
Your business is growing, and so is your 401k plan. But when a plan reaches a specific size, it must be audited by an independent accounting firm.
Business owners are facing operational and financial challenges, including those related to recruiting and employee retention. As of March 2022, the Employment Cost Index for total compensation in the Midwest rose by 5.1% compared to March 2021.
Preparing for a 401k plan audit can be tedious, but you can help prepare for a successful audit with the proper knowledge and tools. In this installment, we will discuss the operational compliance of a 401k plan.
Our accounting services expert, Trisha White, presented at a CEDA event last night about bookkeeping basics for businesses. Download a copy of the presentation.
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