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.
Benefit plan services include:
Analysis and recommendation of retirement plan options
Plan design and set-up
Plan audit
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 and investment location
Allocate earnings, forfeitures, and benefit distributions
Annual testing required by DOL/IRS
Preparation of Form 5500 & summary annual report
Plans with over 100 participants are required by the Department of Labor and the IRS to have annual plan audits. Our team has extensive experience in auditing plans and preparing reports to comply with government regulations.
Lynn Edwards, CPA
