Month: August 2022

SECURE Act 2.0 – An Update On Potential Provisions

SECURE Act 2.0 – An Update On Potential Provisions

Many Americans struggle to save for retirement. Earlier this year the House of Representatives passed the Securing a Strong Retirement (SSR) Act, and two different U.S. Senate committees also advanced their own retirement savings-focused legislative proposals: the...

Q&A Corner

Q&A Corner

Q: I didn’t file my 12/31/21 plan year end Form 5500 by 7/31/22, now what? A: Contact your Form 5500 preparer! First, confirm whether or not an extension applies. This would occur with a Form 5558 filed before 7/31, or possibly a special extension or automatic...

New IRS Pre-Examination Compliance Program Announced

New IRS Pre-Examination Compliance Program Announced

In June 2022, the IRS began piloting a pre-examination retirement plan compliance program. This is beneficial to plan sponsors because it provides an opportunity for plan sponsors to correct mistakes at a reduced cost and possibly avoid a full IRS examination. Anytime...

Form 5500 Insights

Form 5500 Insights

Every year, most employers file a Form 5500 for each qualified plan that they sponsor. The purpose of the Form 5500 is to provide required information to the Department of Labor (DOL), but it can also provide valuable insight to the plan sponsor. The Form 5500 has...