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DOL Releases Interim Final Rule Adjusting ERISA Civil Monetary Penalties for Inflation
Background The Department of Labor published in the Federal Register on June 30, 2016, an interim final rule to adjust for inflation the civil monetary penalties enforceable by the Department of...
IRS Announces New Determination Program
Determination Program On June 29, 2016, Revenue Procedure 2016-37, generally effective January 1, 2017, was released changing the: Determination Letter Program for tax-qualified individually...
Department of Labor Finalizes Rule to Address Conflicts of Interest in Retirement Advice
The Department of Labor ("DOL") on April 6, 2016 issued its final rules to address fiduciary standards. The U.S. Department of Labor, Employee Benefits Security Administration's fact sheet of the...
DOL concerned about Cybersecurity
On a recent AICPA Employee Benefit Plan Audit Quality Center webcast, the Chief Accountant of the Department of Labor expressed the DOL’s concerns over cybersecurity. Specifically, the DOL...
Changes to Voluntary Correction Program Compliance Fees, Including Reduced Fees for Most 401(a) and 403(b) Plans
Correction Program & Retirement Plan Changes During 2015, the IRS began classifying Voluntary Correction Program (VCP) fees as user fees subject to IRC 7528. As a result, in 2016, plan sponsors will...
IRS Provides Guidance on Revised Employee Plans Determination Letter Program
On January 4, 2016, the Internal Revenue Service (“IRS”) announced guidance in anticipation of the elimination of the 5-year remedial amendment cycle system for individually designed plans under the...
Changes Bring Clarity to EBP Disclosures
An article recently published in the December PICPA Journal by our Quality Control Director JulieAnn C. Verrekia, CPA. Changes Bring Clarity to EBP Disclosures by JulieAnn C. Verrekia, CPA | Dec 01,...
Repeal of Automatic Extension of Return Due Date
For calendar year plans, the maximum extension due date for Form 5500 series (Annual Return/Report of Employee Benefit Plan) is back to 2 1/2 months or October 15th. An employer that maintains a...
DOL Reminding Plan Administrators to Select a Quality Auditor
The DOL has begun to communicate to Plan administrators via e-mail that selecting a qualified CPA who has the expertise to perform an audit in accordance with professional auditing standards is a...
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