Employee Benefit Plan Audits
Offering tax-deferred retirement plans like 403(b) and 401(k) programs to your employees comes with stringent compliance regulations regarding taxation, Department of Labor data reporting and other compliance requirements such as nondiscrimination and compensation testing. It takes an audit firm with extensive experience dealing with employee benefits plans to protect your plan assets and ensure your plan conforms to the revised Form 5500 and related DOL regulations.
At Anstiss & Co., we are members of the AICPA Employee Benefit Plan Audit Quality Center (EBPACQ). This voluntary membership subjects our staff to certain additional training requirements and further imposes an internal and external inspection requirement for these audits. Our membership in the EBPACQ demonstrates our commitment to both the employee benefit plan industry and to a quality audit practice.
403(b) Retirement Plan Audits
Certain tax-exempt organizations, public school systems, cooperative hospital service organizations, and other entities that fit within specific parameters may offer their employees a 403(b) retirement plan.
Generally, the administrator of a 403(b) retirement plan that has more than 100 eligible participants is required by law to file a complete audit each year under the Employee Retirement Income Security Act (ERISA), including a financial statements audit and Form 5500.
There are many variables related to who requires an audit, the timing of an audit, and other areas of special consideration. Our team of specialists at Anstiss & Co. remain up-to-date on all of the latest changes to provide you the best quality accounting services.
401(k) Audit
The IRS and DOL’s regulations regarding 401(k) compliance are becoming increasingly strict, and an inaccurate or incomplete audit can be costly to your business. It is crucial to hire an accounting firm with comprehensive experience handling employee benefit plan audits; an accounting firm that fully understands the constantly changing procedures to ensure your audit is accurately completed. That firm is Anstiss & Co.
Additionally, a qualified CPA can inform you of instances in which your 401(k) plan could qualify for exceptions regarding audit requirements, which could save your business a considerable amount of money. For example, understanding the proper uses of the 80-120 rule allowed by the DOL can save time and complexity in filing for either a small or large plan. Paying attention to the details that save you money and help keep your plan compliant is a major focus of the professionals at Anstiss & Co.
We will also keep you informed on the changing laws and regulations that affect welfare and retirement plans and work in conjunction with your third-party administrator to submit any and all required information to the Department of Labor’s Pension and Welfare Benefits Administration. Our approach facilitates an efficient audit with minimal disruption to your company’s staff, while protecting the business and its employees from any unnecessary risk of noncompliance.
Contact Anstiss & Co. today at our Lowell, MA office at (978) 452-2500, or fill out our online contact form.
