Employee Benefit Plan Audits

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New IRS Guidelines: Employer Matching Contributions for Student Loan Payments Explained 

New IRS Guidelines: Employer Matching Contributions for Student Loan Payments Explained 

AAFCPAs would like to make clients aware that the Internal Revenue Service has issued important interim guidance for employers offering retirement plans, which presents a new opportunity to enhance employee benefits. This guidance, detailed in Notice 2024-63, explains how employers may provide matching contributions to retirement plans based on employee student loan payments, as outlined […]

Seminar Recap: 2024 Employee Benefit Plan Risk Update

Seminar Recap: 2024 Employee Benefit Plan Risk Update

During AAFCPAs’ recent Nonprofit Seminar (April 2024), Shawn P. Huxley, CPA, MSA and Davide Villani, CPA, CGMA updated approximately 400 attendees on employee benefit plan risk. The full session was recorded and may be viewed as a webcast at your convenience.>> Secure Act 2.0 Overview Secure Act 2.0 is designed to increase access to retirement […]

Employee Benefit Plan Risk Update 2024
Employee Benefit Plan Risk Update

Employee Benefit Plan Risk Update 2024

Employee Benefit Plan Risk Update | Webinar OnDemand Watch AAFCPAs’ employee benefit plan and assurance leaders for an engaging quickfire session on the Department of Labor’s 2024 agenda. Gain strategic insights on plan cybersecurity, SECURE 2.0 updates, and the proposed fiduciary advice rule. Leave with knowledge to better manage risk inherent for retirement plan fiduciaries […]

FASB Approves New Guidance on Certain Crypto Assets

FASB Approves New Guidance on Certain Crypto Assets

AAFCPAs would like to make clients aware that in December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Note: the amendments in ASU 2023-08 require that an entity measure “in-scope” crypto assets (as […]

DOL Audit Quality Study Underscores the Need for Specialized EBP CPA

DOL Audit Quality Study Underscores the Need for Specialized EBP CPA

In November 2023, The U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) published its Audit Quality Study, which outlines work quality as performed by independent qualified public accountants—specifically in employee benefit plan financial statement audits covered under the Employee Retirement Income Security Act (ERISA) during its 2020 filing year. The administration focused on […]

IRS Sends Erroneous Late Filing Notices
IRS Sends Erroneous Late Notices

IRS Sends Erroneous Late Filing Notices

AAFCPAs would like to make clients aware that 2022 Form 8955-SSA late filing notices were sent erroneously due to an IRS programming error. Specifically, IRS notices were sent stating Form 8955-SSA were either incomplete or not received on time when in fact they were filed prior to the due date of July 31, 2023. The […]

What Plan Sponsors Need to Know About SECURE 2.0

What Plan Sponsors Need to Know About SECURE 2.0

During AAFCPAs’ recent Nonprofit Seminar (April 2023), Employee Benefit Plan Practice leaders Davide Villani, CPA, CGMA and Shawn P. Huxley, CPA, MSA updated more than 400 attendees on SECURE 2.0 and how it affects plan sponsors. Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, SECURE 2.0 is designed to […]

IRS Audit Risk Areas for Nonprofit Retirement Plan Sponsors

IRS Audit Risk Areas for Nonprofit Retirement Plan Sponsors

During AAFCPAs’ recent Nonprofit Educational Seminar (April 2023), Employee Benefit Plan Practice leaders Davide Villani, CPA, CGMA and Shawn P. Huxley, CPA, MSA updated  400+ CFO and Executive Director attendees on the IRS’ 2023 strategic focus areas for small exempt organizations that sponsor retirement plans. AAFCPAs audits  180+ plans annually including 401(k) and 403(b) plans, […]

Understanding Secure 2.0, and how it Affects Plan Sponsors

Understanding Secure 2.0, and how it Affects Plan Sponsors

SECURE 2.0—so-called because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019—is legislation designed to substantially improve retirement savings accounts, including 401(k)s and 403(b)s, in the U.S. There’s a host of provisions in the bill and in this webcast, recorded April 2023 at AAFCPAs’ Nonprofit Educational Seminar. AAFCPAs’ Employee […]