Employee Benefit Plan Audits

Offering knowledge and best practice resources to help you navigate the complex requirements of your fiduciary responsibility.

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Most employers would agree that their employees are their greatest assets. Along with compensation and other benefits, your organization’s retirement plan is a significant retention tool. It is also, however, a highly regulated fiduciary responsibility, with rules and regulations imposed by ERISA, PBGC, the Department of Labor (DOL) and the Internal Revenue Service.

Federal law requires that employee benefit plans with 100 or more eligible participants must be audited each year. There is so much to know about — from determining when an employee benefit audit is indicated and how to prepare for it, to what to expect from the auditor who performs it. You are best served by a certified public accounting firm with substantial knowledge and experience in the unique area of employee benefit plans.

Employee benefit plan audits, Accounting firms employee benefit plan audits, 401k plan audit, Employee benefits compliance

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Employee Benefit Plan Auditing Services

Meyers Brothers Kalicka is a member of the AICPA’s Employee Benefit Audits Quality Center. This affiliation indicates our commitment to adhering to the highest quality employee benefit plan audit standards within the industry. It also provides access to the most current resources, in-depth knowledge and best-practice processes that affect your plan, to help you fulfill your fiduciary responsibilities. As new regulations have emerged, Meyers Brothers Kalicka has been in the forefront, educating our clients with value-added seminars, education and compliance strategies.

401(k) plans

403(b) plans

401(a) plans

Defined benefit plans

Health and welfare benefit plans

Profit-sharing plans

Providing on-time and high quality audits that minimize your fiduciary risk

Education on new rules and regulations that impact your employee benefit plan

Representation during DOL and IRS inquiries and audits

Proactive communication with your staff and third party administrators, to help them prepare for each audit

Evaluation of benefit plan record keeping and reporting processes with recommendations to enhance compliance

Providing efficient and cost effective employee benefit audits, with a minimal disruption to your staff

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Employee Benefit Plan Auditing Insights

BOI Injunction Lifted

By Katrina Arona • February 19, 2025

The Corporate Transparency Act (CTA) which took effect on January 1, 2024 required "reporting companies" in the United States to disclose information about their beneficial owners to the Treasury Department's Financial Crimes Enforcement Network (FinCEN). In May 2024, a lawsuit was filed claiming that Congress exceeded its authority under the Constitution in passing the CTA. Background: December 3, 2024 in the Texas Top Cop Shop, Inc., et al. v. Merrick Garland, Attorney General of the United States, et al., Judge Amos Mazzant of the United States District Court (Eastern District of Texas/Sherman Division) issued a preliminary nationwide injunction barring the enforcement of the Corporate Transparency Act (CTA). December 23, 2024 the Nationwide Injunction is lifted and filing deadlines are reinstated. Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) may again enforce the CTA. FinCEN has not extended any filing deadlines. Therefore, all reporting companies should file immediately any beneficial ownership information reports (BOIRs) that were already due, and reporting companies formed prior to 2024 should file their BOIRs by January 13, 2025 (extended from January 1, 2025). December 27, 2024 the federal appeals court on Thursday reinstated a nationwide injuction halting enforcement of beneficial ownership information (BOI) reporting requirements, reversing an order the same court issued earlier this week. FinCEN issued an updated alert on its BOI information page , saying that companies can voluntarily submit BOI reports. February 7, 2025 FinCEN will consider changes to the BOI reporting requirements if a court grants the government's request for a stay of a nationwide injunction in a Texas case, according to a motion filed Wednesday, February 5th. If the stay is granted, FinCEN will extend BOI filing deadlines for 30 days, the government said in its filing in Samantha Smith and Robert Means v. U.S. Department of the Treasury, No. 6:24-CV-336 (E.D. Texas 1/7/25). BOI reporting is currently voluntary, pending further legal developments. Businesses and stakeholders should stay alert for additional updates as the situation evolves. Current Status: February 18, 2025 A federal court lifted the last remaining nationwide injunction stopping BOI reporting requirements. FinCEN which enforces BOI requirements under the CTA said it would extend filing deadline for initial, updated, and/or corrected BOI reports to March 21. However, reporting companies that were previously given a deadline later than March 21 may file their initial BOI report by that later deadline. Resources for consideration: March 21 BOI reporting deadline set; further delay possible BOI Injunction Lifted FinCEN BOI Center

BOI Reporting Update

By Katrina Arona • February 12, 2025

February 7, 2025 FinCEN will consider changes to the BOI reporting requirements if a court grants the government's request for a stay of a nationwide injunction in a Texas case, according to a motion filed Wednesday, February 5th. If the stay is granted, FinCEN will extend BOI filing deadlines for 30 days, the government said in its filing in Samantha Smith and Robert Means v. U.S. Department of the Treasury, No. 6:24-CV-336 (E.D. Texas 1/7/25). BOI reporting is currently voluntary, pending further legal developments. Businesses and stakeholders should stay alert for additional updates as the situation evolves