The IRS has released 2024 inflation adjustments.
In November 2022, the IRS announced, in Revenue Procedure 2022-40, the expansion of one of their programs for approving retirement plans.
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans
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.
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?