R&D Tax Credits Explained
The U.S. Department of Labor and Internal Revenue Service have intensified their scrutiny of employee benefit plans in recent years. The primary focus of these agencies is to ensure plan sponsors meet their fiduciary responsibilities to the plan’s participants. Plan sponsors who fail to meet those responsibilities may be personally liable for restoring losses and subject to steep fines and penalties.
The professionals at Bennett Thrasher have years of experience administering, auditing and consulting on employee benefit plans. Our employee benefit plan audit team can help ensure you fulfill your fiduciary duties in a cost-effective and timely manner.
If your employee benefit plan has recently exceeded the threshold of 100 participants or you’re looking for an experienced partner to assist with your employee benefit plan audit, we can help. Contact Matt Grosvenor or Alana Mueller to schedule a consultation.
Complying with the Employee Retirement Income Security Act of 1974 (ERISA) and related regulations often require hiring third-party service providers with specific expertise. However, the plan sponsor is ultimately responsible for plan operations. Although you can share fiduciary responsibilities, you cannot entirely delegate them to outside service providers.
To meet these fiduciary duties, management must remain involved with all aspects of plan operations, and review the control activities of all service providers on a regular basis to be assured plan assets are protected.
For employee benefit plans with 100 or more participants, one of the most important fiduciary duties is the selection of an independent public accountant. Auditors who lack experience may not know the finer nuances of employee benefit plan operations and regulations, leading to audit deficiencies that can negatively impact the plan sponsor and participants.
As a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Audit Quality Center, Bennett Thrasher has experience providing full-scope and limited-scope audits of employee benefit plans ranging in size from 100 participants to more than 20,000 participants and assets into the billions.
Our highly qualified employee benefit plan auditors have the expertise needed to ensure your employee benefit plan meets all DOL and IRS requirements.
Our experienced professionals understand that the employee benefit plan audit is just one item on your ever-expanding list of responsibilities. That’s why we provide more than just a quality audit.
Our breadth of services will help prepare you to deal with the complexities of benefit plan design, administration, compliance and taxation.
Complying with the Employee Retirement Income Security Act of 1974 (ERISA) and related regulations often require hiring third-party service providers with specific expertise. However, the plan sponsor is ultimately responsible for plan operations. Although you can share fiduciary responsibilities, you cannot entirely delegate them to outside service providers.
To meet these fiduciary duties, management must remain involved with all aspects of plan operations, and review the control activities of all service providers on a regular basis to be assured plan assets are protected.
For employee benefit plans with 100 or more participants, one of the most important fiduciary duties is the selection of an independent public accountant. Auditors who lack experience may not know the finer nuances of employee benefit plan operations and regulations, leading to audit deficiencies that can negatively impact the plan sponsor and participants.
As a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Audit Quality Center, Bennett Thrasher has experience providing full-scope and limited-scope audits of employee benefit plans ranging in size from 100 participants to more than 20,000 participants and assets into the billions.
Our highly qualified employee benefit plan auditors have the expertise needed to ensure your employee benefit plan meets all DOL and IRS requirements.
Our experienced professionals understand that the employee benefit plan audit is just one item on your ever-expanding list of responsibilities. That’s why we provide more than just a quality audit.
Our breadth of services will help prepare you to deal with the complexities of benefit plan design, administration, compliance and taxation.
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