New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans
The IRS has released 2022 inflation adjustments.
ERISA generally requires employee benefit plans with 100 or more participants to have their annual reports audited. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits.
On August 6, 2021, the IRS explained in an announcement (available here) that certain retirement plans adopted after the close of the employer's taxable year will not be required to file a 2020 Form 5500.
Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year.
If you are an employer with at least 50 employees or 50 full-time equivalents, otherwise known as an applicable large employer (ALE), you've been doing your best to comply with the Affordable Care Act (ACA). But what happens when you receive the dreaded IRS Letter 226-J?