Category: Audit & Accounting
Form 5500 is used to meet the annual reporting requirements for employer sponsored retirement plans. On February 23, 2023, the Department of Labor (DOL) released details on changes to the 2023 Form 5500. Possibly the most significant change to the form involves how participants are counted for determining which retirement...
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The SECURE 2.0 Act (Secure 2.0) was signed into law on December 29, 2022 by President Biden. With the law comes several important changes to employee benefit plans, including 401(k) plans. Below are the top 4 items that will impact 401(k) plans in the coming years. 1. Requirements for automatic...
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With the adoption of the new leasing standard (ASC 842), the first step is to identify your lease population, their payment terms, and the lease classifications. After you have identified these, where do you go from here? Finance and operating leases have different treatments in the financial statements. While both...
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In 2022, most private companies will be required to follow a new set of leasing standards which require financial statements to report all leases on their balance sheet. In a future post, we will detail how this will impact the financial statements and recordkeeping of your company. This post will...
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When plans reach a certain size, they are required to file the regular Form 5500 instead of the Short Form. In addition, plans are typically required to be audited and those audited financial statements are to be attached when the longer Form 5500 is required. The general requirement to file...
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