Employee Benefit Plans Archives

Affordable Care Act Reporting for 2020

The IRS recently issued final forms and instructions for Forms 1094-C and 1095-C with some changes that impact all filers and other amendments impacting…

Strengthen Your Organization with Sikich’s Employee Benefit Plan Audits

A well performed audit is a vital protection not only for your employee benefit plan but to your obligation as a plan fiduciary to…

Plan Sponsors and Fiduciaries Considerations During Times of Uncertainty

Fiduciaries of a plan have a great deal of responsibility when it comes to oversight and operation of a qualified employee benefit plan. Consequences…

IRS Offers Tax Relief to Individuals Impacted by COVID-19 for Retirement Plan Distributions and Loans

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, qualified individuals can receive favorable tax treatment for distributions from eligible retirement plans, as…

CARES Act Impact on Retirement Plan Sponsors and Participants

Amidst the global health epidemic caused by the novel coronavirus (‘COVID-19’) and the resulting economic decline in the United States, President Trump signed the Coronavirus Aid,…

New SECURE Act includes Significant Retirement Plan Changes

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019, encompassing nearly 30 provisions intended to encourage adoption of…

Affordable Care Act Updates for January 2020

The Affordable Care Act (ACA) is likely here to stay. However, in late December 2019, there were a series of ACA updates that all…

DOL Proposed Safe Harbor to Send Communications Electronically

Affect of the New Rule on Electronic Disclosures On October 23, 2019, the Department of Labor (DOL) published a proposed rule that would ease…

IRS Finalizes Rules For Hardship Withdrawals

What you need to know about the final regulations for hardship withdrawals from 401(k) and 403(b) plans On September 19, 2019, the Internal Revenue…

Extension for ACA Reporting

What you need to know about the ACA reporting deadline extension A welcome update for employers, the Affordable Care Act (ACA) reporting deadline was…

Student Loan Contribution Programs: The New Way to Recruit and Retain Millennials in Today’s Workplace

As human resource managers begin working on updating their benefits package, it’s important to remember that millennials are quitting their jobs faster than employers…

Just Released: A New EBP Auditing Standard for ERISA Plan Audits

Employee Benefits Plan Alert New requirements under Statement of Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee…

Revisions to Self-correction Procedures

A review of IRS Rev. Proc. 2019-19, Correction Procedures and Financial Incentives We are all human. Mistakes happen, some of which are out of…

Form W-4 Draft Released for 2020

A brief overview of the Form W-4 Draft The Internal Revenue Service (IRS) released a new draft of the 2020 Form W-4, Employee’s Withholding…

Tax-Exempt Organization’s Employee Benefit Plans: What to Expect from the IRS

The IRS’s official comments on upcoming audits of benefit and Section 403(b) plans and how it impacts you In early May, the Internal Revenue…

AICPA Issues Statement on Auditing Standard Impacting Audit Reports of Employee Benefit Plans Subject to ERISA

The Association of International Certified Public Accountants (AICPA) has elected to pass a new Statement on the Auditing Standard titled Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans…

TE/GE 2019 Program Letter

The Internal Revenue Service (IRS) recently issued the Tax Exempt & Government Entities (TE/GE) 2019 Program Letter with details of their plans for the…

Reminder: 403(b) Plan Documents Deadline Coming Up

The deadline for plan sponsors to update their 403(b) plan documents to a pre-approved plan is quickly approaching. Background On March 31, 2017, the…

You Have More Time! The ACA Reporting Deadline Is Extended

The Affordable Care Act (ACA) 2019 reporting deadline was extended from January 31, 2019 to March 4, 2019 in IRS Notice 2018-94. The Notice…

Sikich Series on Tax Reform: IRS Guidance on New Credit for Paid Family and Medical Leave

Don’t “Leave” Money on the Table by Missing out on this New Tax Incentive The IRS issued guidance on September 24, 2018 related to…