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SECURE 2.0 Act of 2022

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David Torrillo
Monday, December, 26, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
SECURE 2.0 Act of 2022 was passed by Congress as part of the  year-end omnibus bill. It builds upon the reforms included in the Setting Every Community Up For Retirement (SECURE ) Act of 2019. Read More
401(k)403(b)Defined Benefit PlansDOLEPCRSHardship DistributionsIRSPBGCPension PlansRequired Minimum Distributions

New 90-day Pre-Examination Compliance Pilot for IRS Plan Examinations

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David Torrillo
Friday, June, 03, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service (“IRS”) Employee Plans function announced that it is piloting a pre-examination retirement plan compliance program beginning in June 2022. This program will notify a plan sponsor by letter that their retirement plan was selected for an upcoming examination. Read More
401(k)compliance resolution systemDefined Benefit PlansEnforcement prioritiesEPCRSIRSPension Plans

2021 Employee Benefit Plans Accounting, Auditing & Regulatory Update

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David Torrillo
Thursday, December, 09, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 December 2021 American Institute of Certified Public Accountants (AICPA) annual Employee Benefit Plans, Accounting, Auditing
401(k)403(b)Audit QualityCybersecurityDefined Benefit PlansDOLEBSAEPCRSIRSMortality TablesPension Plans

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

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

IRS Modifies EPCRS for Loans and Certain Plan Document Failures

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David Torrillo
Monday, April, 22, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
With the issuance of Revenue Procedure 2019-19, the IRS modifies its Employee Compliance Resolution System for the second time in less than a year. Effective April 19, 2019, the IRS modified the IRS Employee Plans Compliance Resolution System (“EPCRS”). Read More
401(k)403(b)EPCRSIRSPlan Documentrevenue procedures

IRS Updates the Employee Plans Compliance Resolution System ( EPCRS )

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David Torrillo
Tuesday, October, 02, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
In Revenue Procedure 2018-52, the Internal Revenue Service (IRS) details new procedures under EPCRS that will require Plan sponsors to utilize www.pay.gov website to file Voluntary Correction Program (VCP) submissions and pay user fees. Read More
401(k)403(b)Defined Benefit PlansEPCRSIRSPension PlansPre-Approved Planrevenue procedures
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Recent Posts

  • DOL ISSUES CHANGES TO 2023 FORM 5500

    The U.S. Department of Labor (DOL), the Interna...
  • SECURE 2.0 Act of 2022

    SECURE 2.0 Act of 2022 was passed by Congress a...
  • DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions

    The U.S. Department of Labor announced that its...

Categories

  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
  • Uncategorized

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.

36 Regency Plaza
Glen Mills, PA 19342

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