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Our Top Five 401(k) Blogs for December 2019

Published by Kim Moore on Jan 10, 2020 6:00:00 AM

On the Summit CPA 401(k) Blog, we publish a blog a couple of days each week, to bring you helpful information that will assist you with your 401(k) Plan and administrative duties. Here are our top five posts last month:

  1. The Benefits of Having a 401(k) Plan. Everybody loves a tax break, right? Well, good news! You can cut your tax bill by taking advantage of pre-tax contributions to your employer’s 401(k) plan. That’s right. You can actually save on your tax bill and save a nice little nest egg for your top_5_pedestal_6489retirement too. It gets even better, many employers will match a percentage of your contributions.

  2. 120 is the Magic Number for 401(k) Plan Audits. If you’ve been tasked with managing the 401(k) plan at a growing company, and are unsure of whether or not you’re required to undergo an external 401(k) audit, there’s one number to keep in mind: 120. Find out why.

  3. Is a Fidelity Bond Required for a 401k Plan? As the sponsor of an Employee Benefit Plan (401k Plan) you are required by the Employee Retirement Income Security Act of 1974 (ERISA) to maintain what is called a “Fidelity Bond” for your plan.
  4. The Fiduciary Responsibilities of a 401k Plan Administrator. As a 401k plan administrator you have specific fiduciary administrative duties you must adhere to in order to stay in compliance with ERISA, DOL and IRS regulations. Even if you hire a 3rd party CPA firm to assist as administrator and auditor, you are still responsible for the administrative duties.

  5. Full Scope vs Limited  Scope. When you own a business that offers employees a 401k or other retirement plans, it’s a good bet that there may be an audit in your future. The question is, what kind of audit will be needed for your plan? Will you need a full scope or a limited scope audit for your plan?

At Summit CPA, we're passionate about changing the way people think about accounting and 401(k) Plans! We're a fully distributed company offering Virtual CFO Services, 401k Audits, and CPA Firm Augmentation. We hope you'll subscribe to our blog (below) if you'd like to connect with us and have our blog posts delivered directly to your inbox!

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