Employee Benefit Plans
Offering tax-deferred retirement plans like 401(k) and 403(b) programs to your employees comes with stringent compliance and regulatory requirements from the Department of Labor (DOL) and Internal Revenue Service (IRS), including audit and plan testing requirements. It takes a firm with expertise in dealing with employee benefits plans to ensure that your plan meets these requirements.
Anstiss & Co. is a member of the AICPA Employee Benefit Plan Audit Quality Center (EBPACQ). This voluntary membership subjects our staff to certain additional training requirements and internal and external inspection requirements over the quality of these audits. Our membership in the EBPACQ demonstrates our commitment to both the employee benefit plan industry and to a quality employee benefit plan audit practice.
401(k) Audits
The IRS and DOL’s regulations regarding 401(k) compliance are becoming increasingly complex, and an inaccurate or incomplete audit could be costly to your business. It is crucial to hire an accounting firm with comprehensive and extensive experience handling employee benefit plan audits. Anstiss & Co. has performed a significant number of these audits and our staff members participate in regulatory and audit update programs provided by the AICPA and other regulatory agencies.
Our qualified professionals can assist you with issues such as qualifying for an exception to the audit requirement through an understanding of the proper use of the 80-120 rule allowed by the DOL. Paying attention to the details that save you money and help keep your plan compliant is the primary 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 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.
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 have the plan audited each year under the Employee Retirement Income Security Act (ERISA) as part of the required Form 5500 filing.
Our team of employee benefit plan specialists remains up-to-date on all of the latest changes to provide you the best quality accounting services.
