Takeaways from the AICPA Employee Benefits Conference to Enhance Your Practice

The areas of focus are compliance strategies (including distribution processes, unfiled 5500s, and a variety of issues specific to 403(b), 457(b), SEP, SIMPLE, and SARSEP plans), data-driven audits (using various data, models, and queries to select audit items that will have the greatest impact), co...

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Bibliographic Details
Published in:Journal of pension benefits 2019-10, Vol.27 (1), p.25-29
Main Author: Hughes, Starla C
Format: Article
Language:English
Subjects:
Accounting
Accounting firms
Auditing
Auditing procedures
Auditors
Audits
Baby boomers
Compliance
CPAs
Cybercrime
Employee benefits
ERISA
Exposure drafts
Hackers
Revenue procedures & rulings
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Summary:The areas of focus are compliance strategies (including distribution processes, unfiled 5500s, and a variety of issues specific to 403(b), 457(b), SEP, SIMPLE, and SARSEP plans), data-driven audits (using various data, models, and queries to select audit items that will have the greatest impact), compliance contacts (using compliance checks on various areas and sending letters to plan sponsors with potential compliance issues), determinations (letters indicating if the plan is qualified for individually designed plans), and Voluntary Compliance (focus on the programs available to correct compliance issues). Several other notices and revenue procedures have gone into effect, such as: * Rev. Proc. 2019-4 concerning revised procedures for determination letters. * Notice 2018-95 providing relief from the "oncein-always-in" exclusion for part-time employees. * Notice 2018-91 containing a list of required amendments for 2018 for individually designed plans. * Rev. Proc. 2018-21 concerning opinions and advisory letter issuance for master, proto-type, and volume submitter plans. * Notice 2018-69 dealing with temporary nondiscrimination relief for certain closed benefit plans. According to a study done by RSM and the US Chamber of Commerce study [https:!! rsmus.com!content!dam!mcgladrey!pdf_download!rsmmmbi-cybersecurity-special-report.pdf.], breaches of this nature have tripled in the last four years. [...]businesses will not only be hiring individuals in this generation, but they also will become customers and clients.
ISSN:1069-4064