Print Friendly, PDF & Email

IRS Provides Guidance on Safe Harbor Plans

AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. A safe harbor 401(k) plan is similar to […]

Retirement Plan Provisions of the CARES Act

AAFCPAs would like to make clients aware of retirement plans provisions included in the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. These provisions include expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and a deferral of mandatory distributions. Coronavirus-Related Hardship Distributions The 10% early distribution penalty […]

Employee Benefit Plan Health Check

Listen to Podcasts:   Performing a regular and independent assessment or “health check” of your retirement plan can ensure your organization’s plan remains properly designed for your employee population and delivering the best possible benefit with the least amount of risk & cost. Davide Villani, leader of AAFCPAs’ specialized Employee Benefit Plan Audit & Consulting Practice, […]

Proposed Update to Auditing Standards for Employee Benefit Plans

In an effort to improve the communicative value and relevance of the auditor’s report, the AICPA Auditing Standards Board (ASB) recently released an exposure draft of a proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The proposed SAS would apply to audits […]

Panel Provides Guidance for Employee Benefit Plan Sponsors and Other Fiduciaries

AAFCPAs Davide Villani, CPA, CGMA, Managing Director, Employee Benefit Plan Audits, will join a panel of IRS, DOL and ERISA professionals providing guidance for plan sponsors and other fiduciaries on 401(k) and 403(b) retirement plan compliance.  This session will help employers manage their fiduciary responsibilities through a better understanding of regulations and common risk areas. […]

Davide Villani Promoted to Managing Director

Davide Villani Promoted to Managing Director

AAFCPAs is pleased to announce that Davide Villani, CPA, CGMA has been promoted to Managing Director in recognition of his technical leadership in the employee benefit  plan practice and his service excellence to the firm’s clients. Many of you know and have experienced Dave’s significant contributions to AAF clients since joining the firm in 2002. […]

DOL Urges Businesses to Select a Qualified Benefit Plan Auditor, Such As AAFCPAs

In letters and emails mailed in November 2015, the US Department of Labor reminds businesses who filed a Form 5500 with audited financial statements of the importance of selecting a qualified CPA firm with expertise in ERISA standards. This email is in response to results published in a recent DOL audit quality study, which found […]

Watch out for letters from the IRS if you have a 457(b) plan

The IRS plans to send letters out over the next year to seek compliance information about 457(b) plans sponsored by nonprofits. Nonresponse to these letters may be inviting an audit by the IRS. 457(b) plans are often referred to as “top hats” due to the fact that they may only be offered to high-wage earners, […]

Do you have a Pension Plan? If so, you may need to file an IRS Form 8955-SSA

If you file a Form 5500, you should be aware of the following regulations Separated participants with deferred vested benefits are required to be reported on Form 8955-SSA The IRS filing is due 7 months after the plan year-end. For example, if you have a 12/31/11 year end, it will be due by 7/31/12 Should […]

Update to IRS Form 8955-SSA

If you file a Form 5500 for a retirement plan, you should be aware of changes to the old SSA schedule to report participants who have separated from service covered by the plan, and who retain a deferred vested benefit in a retirement plan. Since the 2009 tax year, IRS Form 5500 was required to […]