PriceKubecka Blog
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PriceKubecka reduces the total hours to complete an audit by 50% using auditing technology that creates a consistent, repeatable process tailored to your company's individual needs without disrupting your business. Follow the PriceKubecka Blog to read about company audits, new polices, hr departments, company laws, investment plans and more.
PriceKubecka Blog
1M ago
Conducting an annual 401(k) audit is crucial for the majority of large and mid-sized companies. While not every business is required to perform an annual audit, the United States government has established strict criteria about which businesses do and don’t need one.
It’s imperative to understand what the 401(k) audit requirements are so that you can follow the proper guidelines for your company.
What Is a 401k Audit?
A 401(k) audit is a review of your company’s 401(k) plan by a third-party accounting firm to ensure that the plan is within the guidelines and regulations set by both the I ..read more
PriceKubecka Blog
2M ago
If your business has a 401(k) plan with 100 or more account balances at the beginning of a plan year, you are required to perform a 401(k) audit. The audit report must be finished and filed with the IRS by July 31. In other words, the clock is ticking!
Looking for an EBP Auditor? Here’s what’s important to consider.
The first step in the 401(k) audit process is to find a qualified, independent auditor. But not any CPA will do! Choosing the wrong auditor can have severe consequences for your company, your plan, and your plan’s participants. To help you in your search, PriceKubecka’s 401(k) au ..read more
PriceKubecka Blog
3M ago
Hopefully, like us, you’ve had a few minutes to recover from last year’s October 15 401(k) audit deadline. Now it’s time to look back on how the audit process went for you. What went right or wrong? What can be done to ensure a better audit experience next year?
The PriceKubecka performed over 400 audits in 2023. The most common error we saw was a failure to remit deposits in a timely manner.
Late 401k contributor deposits. What does that really mean?
As it relates to large 401(k) plans (100+ active participants), the Department of Labor and the IRS are strict about how long it ..read more
PriceKubecka Blog
1y ago
The first time your 401(k) plan is audited can be difficult, confusing, and time-consuming. However, this quick guide should relieve some of the stress. You may feel like the 401(k) audit is being forced on you, and you’d be right. The Department of Labor (DOL) requires that a plan be audited when it has more than 100 eligible participants on the first day of the plan year.
So now that your plan needs an audit, allow me to help prepare you for what’s next.
Hire the right auditor
It is important to find a firm that has experience in auditing benefit plans because there are a lot of areas ..read more
PriceKubecka Blog
1y ago
The coronavirus pandemic may have changed the course of history, but it hasn’t stopped the federal government from enforcing certain requirements designed to protect employee interests. We understand that HR departments already have a ton of their plate managing layoffs, furloughs, re-hires, and everything in between, but you don’t want this public health crisis to cost you more than it already has.
Here are some things to consider when it comes to your 401(k) audit.
As of today, the 5500 deadlines haven’t moved.
Each year, companies with 100 or more employees must file Form 5500 with an att ..read more
PriceKubecka Blog
1y ago
The 401(k) audit is required by law for any business that has over 100 eligible employees. The federal government did not postpone the filing deadline as part of its COVID relief efforts, and so, this is one requirement that you cannot skirt.
Reducing expenses has always been a goal even before the pandemic, but it’s even more imperative to take a fresh look at your finances and explore better solutions to meet your bottom line.
Reducing the cost of your 401(k) audit is one way to shave thousands of dollars off your annual budget.
Here’s How: Choose a 401(k) Specialist, Not a Generalist
You ..read more
PriceKubecka Blog
1y ago
If your business has 100 or more eligible participants at the beginning of the plan year, you must undergo a 401(k) audit. However, choosing the wrong auditor can have severe consequences for both you and your employer. Therefore, it’s crucial to pick the right one for your business.
Our team at PriceKubecka has compiled a summary of essential tips to help businesses find a quality plan auditor for their next 401(k) audit.
How to Select the Right 401(k) Auditor
Many factors go into choosing the right 401(k) auditor. Be sure to take your company’s individual needs and circumstances into a ..read more