by David Torrillo | Feb 12, 2015 | Employee Benefit Plans
In January 2013 the Financial Accounting Standards Board (FASB) and staff met with members of the AICPA’s Employee Benefit Plan (EBP) Expert Panel and members of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC). Areas in current GAAP that do not consider...
by David Torrillo | Feb 11, 2015 | Employee Benefit Plans, Forms and Procedures, Retirement - 401(k), 403(b)
Errors Recently the Internal Revenue Service (“IRS) posted what it finds as common Form 5500 errors and how to avoid them and IRS Scrutiny. In many Employee Plans Compliance Unit (EPCU) projects, the IRS find mistakes when plan sponsors enter incorrect...
by David Torrillo | Jan 21, 2015 | Employee Benefit Plans, Forms and Procedures, Retirement - 401(k), 403(b)
We get this question a lot. The instructions to the Form 5500 give the technical answer. However, below is a quick summary of those requirements. Every situation is unique and for 2023 Form 5500s, the DOL just updated the rules. If you have specific questions, please...
by David Torrillo | Dec 5, 2014 | Employee Benefit Plans
The AICPA Employee Benefit Plan Audit Quality Center just released its sixth Plan Advisory, EBPAQC-Importance-of-Hiring-Plan-Advisory, which is intended to provide plan sponsors, plan administrators, and trustees with an understanding of the importance of hiring a...
by David Torrillo | Nov 18, 2014 | Employee Benefit Plans
The Pension Benefit Guaranty Corporation on November 17, 2014 released its Annual Report, which showed that PBGC’s deficit increased to about $62 billion in Fiscal Year 2014, largely due to the declining condition of a few multiemployer plans. The financial condition...
by David Torrillo | Oct 23, 2014 | Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
The Internal Revenue Service announced October 23, 2014 the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase...
