Per the AICPA Employee Benefit Plan Audit Quality Center, the IRS issued Notice 2020-23 which provides additional filing relief for taxpayers affected by the ongoing Coronavirus pandemic. The IRS filing relief includes Form 5500, Annual Return/Report of Employee Benefit Plan , due to be filed (originally or pursuant to a valid extension) on or after
The AICPA Auditing Standards Board will be holding a special open meeting on April 20 to discuss and vote on balloting for issuance of a final standard that would defer the effective date of Statements on Auditing Standards (SAS) Nos. 134-140. These standards include SAS No. 136, Forming an Opinion and Reporting on Financial Statements
The Coronavirus Aid, Relief and Economic Security Act (CARES ACT, H.R. 748) has been signed into law. It provides economic relief to individuals, businesses, hospitals and other entities. While plan sponsors should consider consulting ERISA counsel or their third-party administrators before making any plan decisions or changes, key benefit plan provisions include: No 10% additional
As noted in the AICPA’s Center for Plan English Accounting, Consequences of COVID-19 Financial Reporting Considerations, the coronavirus pandemic (COVID-19) is a human tragedy. We all hope that the effects will be behind us soon, but the disruption and impact is already significant. The special report provides reminders to practitioners about financial reporting matters that
As detailed in an article by Nick Thornton of BenefitsPro, in February 2020, the Supreme Court ruled unanimously against the fiduciaries of two Intel Corp. defined contribution plans. At issue before the court in Intel Corp. Investment Policy Committee v. Sulyma was a statute of limitation provision under the Employee Retirement Income Security Act. The High
As expected, The Setting Every Community up for Retirement Enhancement Act of 2019 (the SECURE Act) was passed by Congress. It is expected to be signed into law. The SECURE Act is the most significant retirement plan legislation in the past decade. Provisions of the SECURE Act include: Increasing the Auto-Enrollment Safe Harbor from 10%
The DOL has proposed a new safe harbor for the use of electronic media to furnish information to participants and beneficiaries of ERISA plans. The proposal would allow plan administrators who meet certain conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website. Individuals who prefer