Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“It's not a pleasant situation. The things we are recommending are best practices anyways, you should be doing all those things we talked about not to avoid a lawsuit, but just cause it's the right thing to do and you should care about your employees.” - Kim Moore
 

The finer details in this episode:

• What to do when you receive a 401k Plan lawsuit
• Understanding 401k plan lawsuit statistics and using this to asses your 401k plan
• What can lawsuits cost you
• What can you do as a 401k plan sponsor to avoid lawsuits
• Main reasons of 401k related lawsuits
• Tips a 401k plan sponsor can use to stay on top of 401k plans

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“Planning as early as possible makes the whole process easier.” - Kim Moore
 

The finer details in this episode:

• Why planning your retirement earlier is important
• Where to start your retirement planning
• Understanding your needs and what you want to achieve for your retirement plan
• Tips on managing your retirement plan

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“Nearly 1 out of 2 American households have suffered a significant decline in their income in a time when most didn’t have sufficient emergency savings.” - David Ramirez  

The finer details in this episode:

• Thoughts on COVID-19 and how it impacts the 401k space
• Communications with current and past employees due to the decline in the economy
• Things you can do to help your employees get through the current economic hardship
• Core advice for employees on their 401k plan
• Why it might not be rational for some of your employees to join your 401k plan
• Fees associated with the 401k plans

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.
• For Us All - https://www.forusall.com/
• Email David - [email protected]

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“As the employer, you have a lot of say in what happens to your employees. You hold a lot of control over an individual, and now their retirement is entrusted in you.” - Kim Moore 

The finer details in this episode:

• The difference between the sponsor, trustee, and administrator
• What your responsibilities are if you are a plan sponsor, trustee, or administrator
• The different penalties or fines you could possibly face related to your 401k plan
• Areas of the 401k plan where you want to pay extra attention
• Options you have when you are facing fines

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“Often employees don’t get into a plan because they don’t know or they are scared. With auto-enrollment, they don’t have to do anything to get into a mixed investment portfolio appropriate to their age.” - Kim Moore 

The finer details in this episode:

• What is auto-enrollment?
• How investments are chosen for auto-enroll plans
• Pros and cons of implementing an auto-enroll plan
• Processes for notifying employees when they are being enrolled
• Factors to consider when deciding if you should implement auto-enrollment into your 401k plan
• Possible pitfalls with auto-enrollment and how to avoid them
• The process of getting started with auto-enrollment

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“The audit is driven by the number of eligible participants in the beginning of the year. If that number is over 100, then you will need an audit.” - Kim Moore 

The finer details in this episode:

• Due dates for the 5500 and the extension period
• Who can file the 5500 on your company’s behalf
• The process of filing your 5500
• The point at which you will need an audit
• Important details to review on the 5500
• The auditor’s responsibility with the 5500
• What to do if you can’t make the deadline

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“We are hearing from CPA firms that their timeframes are being compressed, and that takes away the time they would use to do the 401(k) audits.” - Kim Moore 

The finer details in this episode:

• Updated tax information for 401ks
• Will there be extensions and new deadlines available?
• How the audit process is affected by an increase in remote teams
• Why you shouldn’t relax your standards
• Aspects of your 401k plan that you should check due to the pandemic
• What you can do if you have to file late

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“If the plan document says something other than what you do or meant to do, you need to get that amended to make sure your procedures follow the plan document.” - Kim Moore 

The finer details in this episode:

• Common eligibility errors that companies make for employees entering the plan
• What to do with interns and seasonal employees
• How to set service requirements in your plan document
• Why you should document that you offered the plan to your employee
• How to determine if you have a fidelity bond
• What you need to know about discrimination testing
• Best practices for distributions and loans
• Disclosures that need to be distributed about your 401k plan

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“The Department of Labor and the IRS understand that errors happen, which is why they set up the voluntary correction fund.” - Kim Moore 

The finer details in this episode:

• Employee compensation factors that you need to track for the 401k plan
• Why documentation of payroll changes are so important
• What to do when you didn’t withhold when you were supposed to withhold
• How to handle late contributions
• Aligning your payroll schedule with your contributions
• Maximizing your contributions for highly compensated employees

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“Make sure you are paying attention to any communication in regard to the 401k plan.” - Kim Moore 

The finer details in this episode:

• What is the SAS 136 and what you need to know as a sponsor
• When this new standard goes into effect
• What you need to do in order to comply with this change
• The requirements for documentation that are now in effect

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director + 401(k) Audit, Kim Moore, with questions.