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Get the Latest News and Information about 401(k) Audits
EBP Audit: What it is, When You Need One, How to Get it Right
If your company offers a 401(k), 403(b), or other employee benefit plan, there’s a point where compliance stops being optional—and an audit becomes mandatory. Yet most plan sponsors don’t fully understand what an employee benefit plan (EBP) audit involves, when it’s...
Common 401k Plan Errors and how to Avoid Them – Late Deposits
As it relates to large 401(k) plans (100+ active participants), the Department of Labor and IRS are strict about how long it should take your company to deposit an employee’s withholding into their 401(k) account. PriceKubecka performed over 400 audits in 2023 and the most common error we saw was a failure to remit deposits in a timely manner.
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Your Company Needs a 401(k) Audit – What Now?
The first time your 401(k) plan is audited can be difficult, confusing, and time-consuming. However, this quick guide should relieve some of the stress. You may feel like the 401(k) audit is being forced on you, and you’d be right. The Department of Labor (DOL) requires that a plan be audited when it has more…
Five Reasons Your HR Department Should Start Your 401(k) Audit Now
The coronavirus pandemic may have changed the course of history, but it hasn’t stopped the federal government from enforcing certain requirements designed to protect employee interests. We understand that HR departments already have a ton of their plate managing layoffs, furloughs, re-hires, and everything in between, but you don’t want this public health crisis to cost you more than it already has.
What Your 401(k) Audit Will Cost You
The 401(k) audit is required by law for any business that has over 100 eligible employees. The federal government did not postpone the filing deadline as part of its COVID relief efforts, and so, this is one requirement that you cannot skirt.
When Is A 401(k) Audit Required?
An annual 401(k) audit is an essential task for large and mid-sized businesses. Not every company is obligated to conduct an annual audit, but the United States government has set strict rules about which businesses do and don’t need one. You should understand what the 401(k) audit requirements are so that you can follow the proper guidelines for your business.
401k Audit Deadline: Consequences For Being Late
A 401(k) audit is just one of many recurring tasks you have to think about as a business owner, and it’s easy to let it slip your mind if you’re worried about all of your other obligations. The consequences of missing the deadline can be severe, though, so it’s important that you submit all the necessary documentation on time.
Selecting the Best 401(k) Auditor
If your business has 100 or more eligible participants at the beginning of the plan year, you must undergo a 401(k) audit. However, choosing the wrong auditor can have severe consequences for both you and your employer. Therefore, it’s crucial to pick the right one for your business.
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Start Your 401(k) Audit Today!
Don’t wait for the deadline.