Employee benefit plans are a terrific employment incentive; however, they are tricky and complicated. Being off base can cost you the game when it comes to benefit plan compliance. Failure to file reports or noncompliance with plan documents can result in devastating penalties and fines. That's why we have a team of employee benefit specialists at KraftCPAs who can help you set up and administer your plan. No cookie-cutter plans here. We listen to your objectives and recommend plan options to meet your needs.
KraftCPAs was one of the first firms to be admitted to the American Institute of Certified Public Accountants Employee Benefit Plan Audit Quality Center, which was formed to help CPAs understand and meet the challenges of providing quality audits in this highly complex arena and to achieve the highest standards of technical proficiency and quality control.
Benefit plan services include:
- Plan audit
- Analysis and recommendation of retirement plan options
- Plan administration including:
- Determine eligibility
- Determine HCE/key employees
- Allocate employer and employee contributions
- Verify contributions
- Prepare allocation reports
- Prepare participant statements
- Vesting calculations
- Recap activity by contribution source
- Allocate earnings, forfeitures, and benefit distributions
- Annual testing required by DOL/IRS
- Preparation of Form 5500 & summary annual report
Plans with more than 120 participants are required by the Department of Labor and the IRS to have annual plan audits. Plans with between 100-120 participants that had an audit in the prior year are required to have an annual audit again in the current year. Our employee benefit plan auditors have extensive experience in auditing plans and preparing reports to comply with government regulations.