1. Articles in category: ERISA Audit

    1-20 of 20
    1. AICPA News - May 2017 | CPA Practice Advisor

      AICPA News - May 2017 | CPA Practice Advisor

      At a time when organizations around the world are facing cybersecurity attacks, it is more important than ever for them to demonstrate to key stakeholders the extent and effectiveness of their cybersecurity risk management efforts. To help businesses meet this growing challenge, the American Institute of CPAs (AICPA) has introduced a market-driven, flexible and voluntary cybersecurity risk management reporting framework.

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    2. ASB addresses auditor reporting on ERISA plan financial statements

      The AICPA Auditing Standards Board issued a proposal Thursday that would create a new auditing standard for auditors reporting on audits of the financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). An exposure draft, Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, contains the proposed guidance.

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      If you’re worried about outliving your retirement savings and have a large part of your net worth inside 401(k) plans or IRAs, you might now feel some relief. As of July 2, 2014, the Treasury Department changed its rules to allow participants in these retirement plans to invest in longevity annuities which start paying out at an advanced age, say 85, and continue throughout the participant’s life.

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    4. Insight from AICPA Employee Benefit Plans Conference Part I: DOL Emerging Issues - Windham Brannon

      Insight from AICPA Employee Benefit Plans Conference Part I: DOL Emerging Issues - Windham Brannon

      In May 2014, the American Institute of Certified Public Accountants (AICPA) held its Employee Benefit Plans Conference in Las Vegas.  Leading industry experts, including those from the Internal Revenue Service (IRS) and the Department of Labor (DOL), led discussions on the latest trends, topics and updates related to employee benefit plans community.

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    5. GASB Provides Implementation Guide for New Pension Standards

      GASB Provides Implementation Guide for New Pension Standards

      The Governmental Accounting Standards Board has released an implementation guide for the new GASB standards for accounting and financial reporting for pensions. The Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions is designed to help preparers and auditors of state and local government financial statements as they implement the new pension standards, which are effective for periods beginning after June 15, 2014.

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    6. Deadline Extended for Submission of On-Cycle Applications for Opinion and Advisory Letters for Pre-Approved Defined Benefit Plans for Second Six-Year Remedial Amendment Cycle (Ann. 2014-4)

      The IRS announced that the deadline to submit on-cycle applications for opinion and advisory letters for pre-approved defined benefit plans for their second six-year remedial amendment cycle has been extended to February 2, 2015. This extension applies to defined benefit mass submitter lead and specimen plans, word-for-word identical plans, master and prototype minor modifier placeholder applications, and nonmass submitter defined benefit plans.

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    7. WSJ: Can S Corps Use ESOPs to Wipe Out Current Income?

      WSJ: Can S Corps Use ESOPs to Wipe Out Current Income?

      Wall Street Journal Tax Report: A Novel Way to Skirt Taxes: Can Two Business Owners Wipe Out Current Income Taxes on Their Company's Profits?, by Laura Saunders: Will two North Carolina business owners succeed with a tax-avoidance technique—one that billionaire Sam Zell once tried—and wipe out current income taxes on their company's profits? That question is currently being weighed in U.S. Tax Court. ...

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    8. The Eleventh Circuit Clarifies The Liability For A Bankrupt Company’S Pension Benefits

      In Durango-Georgia Paper Co. v. H. G. Estate, LLC, Case No. 11-15079 (decided January 7, 2014), the Eleventh Circuit addressed what it defined as a question of first impression: “whether under ERISA the trustee of a corporation that is a contributing sponsor and is in bankruptcy can maintain an action for the benefit of the [...]

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    9. Guidance Provided on In-Plan Rollovers to Designated Roth Accounts in Retirement Plans (Notice 2013-74)

      The IRS has released guidance on rollovers within a retirement plan to designated Roth accounts in the same plan, known as in-plan Roth rollovers. The new rules relate to the expansion of these rollovers under new Code Sec. 402A(c)(4)(E), as added by of the American Taxpayer Relief Act of 2012 (P.L. 112-240). The guidance applies to all in-plan Roth rollovers described in Code Sec. 402A(c)(4).

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    10. AICPA Asks Congress to Consolidate Small Business Retirement Plans

      In written testimony submitted for the record of the House Small Business Committee’s Oct. 2 hearing on retirement savings for small employers, AICPA Tax Executive Committee chairman Jeffrey A. Porter suggested several ways simplify the complexity of the retirement planning universe. “When a small business grows and begins to explore options for establishing a retirement plan, the alternatives, and the various rules, can become overwhelming,” he wrote in his testimony.

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    11. Fewer Types of Retirement Plans and Simpler Rules would Help S

      mall Business Owners, AICPA Tells Congress Published October 15, 2013 Contact: Shirley Twillman, 202-434-9220, stwillman@aicpa.org. Congress should consolidate and simplify the types of tax-favored retirement plans now available to small business owners in order to minimize the cost and administrative burden imposed by the plans, the American Institute of CPAs (AICPA) said in written testimony submitted for the record of the House Small Business Committee’s Oct. 2 hearing entitled The Challenge of Retirement Savings for Small Employers. “When a small business grows and begins to explore options for establishing a retirement plan, the alternatives, and the various ...

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    12. 401(k) Fee-Disclosure Regulations: From the Fine Print to the Front Page include,Sharebuilder - E-Book,,Accounting

      This CFO eBrief is designed to help senior finance executives prepare for the implementation of the fee-disclosure regulations and to illuminate how companies can use these new regulations as an opportunity to not only improve 401(k) offerings, but also win back the faith of their employees. Topics covered in 401(k) Fee-Disclosure Regulations: From the Fine Print to the Front Page include: * * A review of the regulations and their requirements for plan sponsors. * * Why 401(k)s became popular an

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    13. AICPA supports bill to exempt valuation specialists from fiduciary status

      “The American Institute of CPAs (AICPA) welcomes the introduction of this legislation by Representatives Brett Guthrie (R-Ky.), Lynn Jenkins (R-Kan.) and Dave Loebsack (D-Iowa). Many CPAs perform business valuation services and many of these CPAs regularly value the stock of employer corporations that sponsor ESOPs. Like its companion bill in the Senate (S. 273), H.R. 2041 would modify the definition of ‘fiduciary’ to make clear that Employee Stock Ownership Plan (ESOP) appraisers are specifical

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    14. Retirement Plans Rebound at Small Businesses

      Retirement Plans Rebound at Small Businesses

      Balances in small business retirement plans have increased an average of 20 percent between 2007 and 2012 in the aftermath of the recession. A new analysis by Fidelity Investments examined more than 200,000 small business accounts over a six-year period that used either a Simplified Employee Pension Plan (SEP-IRA), Self-Employed 401(k) or Savings Incentive Match Plan for Employees (SIMPLE-IRA) with Fidelity. These plans are generally used by businesses with 10 or less employees and offer various

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