New Guidance from IRS on Correction of Errors in Qualified Retirement Plans

The IRS released Notice 2023-43 to provide interim guidance on plan correction changes under SECURE 2.0 until Rev. Proc. 2021-30 (EPCRS) is updated.

2023-06-07T13:55:27-04:00June 7, 2023|Categories: Employee Benefit Plans, Plan Design and Administration|Tags: |

Will New Rules Exempt Your Benefit Plan from the Annual Audit Requirement?

On February 24, 2023, the Federal Register announced changes to the 2023 Form 5500. One significant change was in the method for determining which employee benefit plans will require an audit for 2023.

2023-04-26T17:15:39-04:00April 26, 2023|Categories: Audit & Assurance, Employee Benefit Plans|Tags: |

SECURE 2.0: Considerations to achieve your workforce and business goals

Employers that understand SECURE 2.0's new requirements and the pros and cons of adopting optional provisions can implement the act effectively.

2023-09-26T17:08:58-04:00April 6, 2023|Categories: Employee Benefit Plans|Tags: , |

401(k) Plan Participant Loan Year-End Review

Too often, we find participant loans that were never set up in payroll or where payroll withholding of repayments ceased prematurely, resulting in defaulted participant loans. For calendar year-end plans, plan sponsors have until March 31 of the following year to correct the failed set up of a participant loan. 

2023-03-10T09:10:53-05:00March 9, 2023|Categories: Employee Benefit Plans, Plan Design and Administration|Tags: |

Cybersecurity and Employee Benefit Plans

Plan sponsors have a fiduciary responsibility to understand cybersecurity risk in an employee benefit plan (EBP). In order to satisfy this responsibility, plan sponsors must understand how EBPs are exposed to cybersecurity risk and design effective controls to mitigate that risk.

2022-10-28T15:47:39-04:00October 28, 2022|Categories: Cybersecurity, Employee Benefit Plans|

What’s Going on at the IRS? Problems and Steps to Improve Service

2021 was described as the worst year ever for the IRS. Several compounding problems, exacerbated by COVID-19, led to a historic backlog. Now, the agency is taking steps to improve service.

2022-07-19T08:34:19-04:00July 19, 2022|Categories: Employee Benefit Plans, Not-for-Profit, Tax: Business, Tax: Exempt Organizations|Tags: |
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