401k Plan Audits – Part 1: Does Your Company Require One?

When a business reaches a certain number of eligible participants for their 401(k) plan, federal law requires an independent audit of the plan. While larger companies may be familiar with this process, many small business owners may find themselves in uncharted territory the first time their number of eligible participants increases above the threshold amount. In this 3-part blog series, we’ll cover the basics of 401(k) plan audits.

New Partnership Audit Rules: 3 Changes You Should Know About

The Bipartisan Budget Act of 2015 created some new rules around Partnership Audits—rules that went into effect for tax years after January 1, 2018, with elections that may need to be made on this year's tax return.

Employee Benefit Plan Audits 101

Employee benefit plans have their own set of complex laws and regulations. But did you know that even small plans can be subject to audits?

Generally, if you have 100 eligible participants in your plan at the start of the year, your plan will require an audit. Note that this number includes all participants who are eligible—not just those who are enrolled.