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IRS Revenue Procedure 2021-30 updates EPCRS

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David Torrillo
Friday, July, 16, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
With Revenue Procedure 2021-30, the IRS has updated its Employee Plans Compliance Resolution System (EPCRS). EPCRS permits any plan sponsor of a retirement plan to correct plan failures. EPCRS offers three correction programs: Self-Correction Program (SCP) – Correct certain plan failures without contacting the IRS or paying a user fee Voluntary Correction Program (VCP) – Correct failures
401(k)403(b)compliance resolution systemDefined Benefit PlansEPCRSIRSPension Plansrevenue procedures

DOL Clarifies Form 5500 COVID-19 Relief Provided for Late Contributions and Loan Repayments

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David Torrillo
Tuesday, July, 06, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Per the AICPA AICPA Employee Benefit Plans Audit Quality Center, the DOL staff has stated that in accordance with relief provided in EBSA Disaster Relief Notice 2020-01; Guidance and Relief for Employee Benefit Plans Due to the COVID-19 (Novel Coronavirus) Outbreak, the Department will not take enforcement action for participant payments and withholdings not made
401(k)COVID-19 ReliefDOLEBSAEnforcement prioritiesForm 5500

2021 Employee Benefit Plans Update

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David Torrillo
Thursday, May, 13, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b), Uncategorized
As a firm which specializes in the audits of employee benefit plans, we continually monitor accounting, regulatory and current events which may impact plans. As a member of the Employee Benefit Plan Audit Quality Center (EBPAQC), we recently attended the May 2021 American Institute of Certified Public Accountants (AICPA) annual Employee Benefit Plans Conference. Read
401(k)403(b)403(b) Examination TrendsAudit QualityBenefit Plan Auditcompliance resolution systemCybersecurityDefined Benefit PlansDetermination Letter ProgramDOLEBSAEFAST 2 Filing of Form 5500sEnforcement prioritiesEPCRSIRSMortality Tablespenalty noticesPension PlansPlan Fiduciary UpdatePre-Approved PlanRegulatory Priorities

DOL Announces New Cybersecurity Guidance

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David Torrillo
Wednesday, April, 14, 2021 / Published in Uncategorized
The U.S. Department of Labor recently announced new guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of America’s workers. Read More
401(k)403(b)CybersecurityDefined Benefit PlansDOLEBSA

2021 IRS Compliance Program and Priorities for Employee Plans

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David Torrillo
Tuesday, April, 06, 2021 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Tax Exempt and Government Entities (TE/GE) Fiscal Year 2021 Program Letter PDF lists IRS priorities and how those align with the IRS Strategic Goals. In fiscal year 2021, the IRS will continue to pursue its compliance program described in its FY 2020 Program Letter PDF, and use its webpage to share information about other compliance program initiatives at the end
Compliance Programscompliance resolution systemEnforcement prioritiesIRSRegulatory Priorities

American Rescue Plan Act of 2021 – Key Benefit Plan Funding Provisions

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David Torrillo
Wednesday, March, 10, 2021 / Published in Employee Benefit Plans, Forms and Procedures, Policy Updates
The American Rescue Plan Act of 2021 (ARPA, HR 1319) is expected to become law. Key benefit plan provisions[i]  are highlighted below. Many of these affect funding provisions for defined benefit plans. Read More
Defined Benefit PlansERISAFundingIRSPBGCPension Plans

IRS States No Action Needed by Plan Sponsors: Delayed Mailing of Notice CP 216F

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David Torrillo
Wednesday, February, 17, 2021 / Published in Employee Benefit Plans, Forms and Procedures
The IRS has stated that Plan sponsors do not need to take further action if they are currently receiving Notice CP 216F, Approval of Extension to file Form 5500 Series Return, for calendar year 2019 Forms 5500 series returns, after the final return for 2019 has been submitted. Read More
Form 5500IRSNotice CP 216F
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Recent Posts

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  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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Glen Mills, PA 19342

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