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How (and for How Long) Can I Extend the Deadline to File our Form 5500?

DWC 03/26/19
Facts We’ve had our retirement plan for a couple of years now and feel that we are finally getting the hang of the various deadlines for our plan.  There is just one deadline that I always have trouble remembering: the extended deadline for filing our Form 5500 with the DOL.  I’ve heard that if we extend our corporate taxes, it is the due date of ...
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Decoding the Alphabet Soup: What's With All the Acronyms? | Part 3

DWC 09/11/18
Facts People in the retirement plan business sure do like their acronyms.  All these letters get thrown around, and I do not know what half of them mean.
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What Is The Difference Between Fiduciary Liability Insurance and a Fidelity Bond?

DWC 04/10/18
Facts My company sponsors a 401(k) plan. With everything that has been in the news about retirement plan fiduciaries and some of the lawsuits against them, we are trying to decide whether or not we should get fiduciary liability insurance for ourselves. Then I looked at our Form 5500 and it shows that we already have plan-related insurance.
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Should We Split Our 401(k) Plan to Avoid the Annual Audit?

DWC 02/6/18
Facts Our company has been growing over the last couple of years, which is a good thing. However, after seeing your last two Questions of the Week (here and here), I am concerned about the need to have our 401(k) plan audited. We are committed to keeping the plan in compliance, but I cringe at the thought of searching for an auditor and dealing ...
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How Do You Select a CPA for Your Annual 401(k) Audit?

DWC 01/30/18
Facts With over 100 participants in our 401(k) plan in 2017, we have learned that our plan will now require an audit each plan year from an Independent Qualified Public Accountant (IQPA). This will be the first year the plan is subject to an audit. The idea of beginning this process is daunting and a little unnerving, to say the least!
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When Does My Plan Need An Outside Audit?

DWC 01/23/18
Facts We are a small business that has been growing quite a bit in the last couple of years and are now up to about 100 employees. Our company has a 401(k) plan and most of the employees who are eligible for it are contributing. We have been told that because of the size of our plan, we might need to have it audited each year by an outside ...
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How Do We Report a Plan Merger on Form 5500?

DWC 11/7/17
Facts Our company sponsors two separate 401(k) plans, each of which covers a different group of our employees. Due to some internal changes, we now want to merge those plans so that we only have a single plan, covering all of our employees.
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Do We Need an IRS Favorable Determination Letter for Former Employees to Roll Over Their Balances?

DWC 08/15/17
Facts We recently processed a rollover from our 401(k) plan for a former employee who wants to roll her balance into her new employer’s plan. Shortly after the payment was processed, the former employee emailed us requesting either a copy of our plan’s IRS favorable determination letter or a signed acknowledgment that we have such a letter.
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The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.