IRS Strategic Focus Area: Small Exempt Organizations that Sponsor Retirement Plans

As part of its 2023 strategic goals, the IRS plans to review retirement plans of small exempt organizations to determine whether the plan investments are properly administered, whether there are any party-in-interest transactions in the plan trust, and whether any participant loans violate Internal Revenue Code (IRC) Section 72(p).

In this webcast, recorded April 2023 at AAFCPAs’ Nonprofit Educational Seminar, AAFCPAs’ Employee Benefit Plan Practice leaders review risk areas and how to avoid them.

Download the full slides from AAFCPAs’ Nonprofit Seminar >>

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About the Authors

Davide Villani, CPA, CGMA

Davide is a leader of AAFCPAs’ specialized Employee Benefit Plan Audit & Consulting Practice with extensive expertise in ERISA standards. He provides meaningful audits, done efficiently by a dedicated employee benefit plan audit practice within a 300-person CPA & consulting firm, and with access as needed to the resources of PrimeGlobal, the 4th largest CPA firm network globally. He audits and advises plan sponsors on ERISA compliance requirements, including those associated with administering 401K, 403B, Defined Benefit, and Health & Welfare Plans. He provides proactive guidance to retirement plan fiduciaries, which helps to protect the financial integrity of employee benefit plans. He reviews the Form 5500 to confirm that investments reflect accurately in the financial information, and that you are operating the plan confidently in compliance with ERISA reporting and fiduciary requirements.

Shawn P. Huxley, CPA, MSA

Shawn is a leader in AAFCPAs’ specialized Employee Benefit Plan Audit & Consulting Practice with extensive expertise in Employee Retirement Income Security Act (ERISA) and Department of Labor (DOL) standards, including those related to audits of 401K and 403B Plans. Shawn is Co-Chair of the MassCPAs’ ERISA Accounting & Auditing Committee where he shares information on best practices and specific audit procedures relating to ERISA audits to improve the overall quality of these types of audits. Shawn has built an extensive support network of diverse ERISA audit experts and stays at the forefront of regulatory developments, with a focus on higher risk compliance issues and changes in plan operations and design.