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.

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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

Bad Debt Deductions

By Sarah Rose Stack • 15 Apr, 2024

The tax code allows an individual to claim a deduction for business debts that have become worthless. But qualifying for the deduction may be more complicated than one would think. In a recent case, the IRS denied more than $17 million in bad debt deductions on the grounds that the advances in question represented equity rather than debt, hitting the taxpayer with millions of dollars in taxes and penalties. This article recounts the U.S. Tax Court case Allen v. Commissioner. Allen v. Commissioner (T.C. Memo 2023-86).

Deducting Business Travel Expenses: A Refresher

By Sarah Rose Stack • 01 Apr, 2024

During the COVID-19 pandemic, business travel nearly came to a halt. Today, it’s on the rebound, as “Zoom-fatigued” executives craving face-to-face interaction hit the road again. With more people getting out of their offices, now is a good time for a refresher on the tax deductibility of business travel expenses. This article explores what’s considered one’s tax home and what expenses are deductible. A sidebar explains the deductibility rules when a business trip is mixed with pleasure.

Making Distinctions May Create Tax Savings for Owners of Rental Real Estate

By Sarah Rose Stack • 01 Apr, 2024

The 20% qualified business income (QBI) deduction is available for income from an eligible trade or business, but it isn’t available if that same property is classified as an investment. This article points out that it’s worth considering whether an owned rental property meets the definition of a trade or business under IRS requirements. It also explains that determining whether rental real estate activities qualify for the QBI deduction is a complicated undertaking and is likely to require the services of a tax professional.