How Our 401k Audit Pricing Works | Summit CPA

 

 

Our pricing policy is fixed. Your quote is not an estimate.

 

Your call with us brings us to an understanding of what service you need. We use our specific criteria to itemize a set price. The quote you receive is guaranteed, promising no hidden costs or miscellaneous fees. Take a look at the prices below to understand how our system works and get an idea of what your plan will be” 

Unlike the other services out there, Summit CPA is determined to give you the transparency you need in order to find the retirement plan your business deserves. 

At Summit CPA, we understand the frustration of 401K audits, which is why we offer a FREE audit to guide you through the process. We're here to provide the clarification you need to succeed. Schedule a call with us so we can lead you to a better, more efficient and trustworthy process!” 

We want to give you the opportunity to see how we do our audits. If there is anything that calls for chaos, it’s finances and audits for the 401k. Below you will find a layout of what each audit will cost you. It isn’t an estimate and there aren’t any hidden fees- it’s all laid out for you.

 
The fee structure for ERISA Section 103(a)(3)(C) audits range as low as $9,000 for plans that fall below 500 participants to as high as $12,000 for plans that fall between the range of 1,000 and 1,500 participants.  Plans with greater than 1,500 participants are determined on a case-by-case basis.  See our fee structure below.

*A 10% discount is available if the fee is paid in full within 45 days after the Plan year end. For calendar year plans (ending December 31st), the fee must be paid in full by February 15th in order to qualify for the discount.

Non ERISA Section 103(a)(3)(C) Audit 

•  $1,500 additional fee will apply to the fixed fee listed above for each plan size when a Non ERISA Section 103(a)(3)(C) audit is required. A Non ERISA Section 103(a)(3)(C) audit is required when the trustee or custodian does not or cannot certify both the accuracy and completeness of the information submitted as it relates to the investment information. We find that most 401k audits tend to be ERISA Section 103(a)(3)(C) audits, where assets are certified by the custodian/trustee.

Plan Sponsor’s First Required Audit 

•  $1,000 additional fee will apply to the fixed fee listed above for each plan size if the current year audit is the plan sponsor's first required audit (or first time audit with Summit CPA). When a prior year audit is not required, the current year auditor is required to test prior year balances and compile the prior year financial statements.

Changed Custodian/Trustee 

•  $750 additional fee will apply to the fixed fee listed above each plan size if the plan sponsor has changed its custodian/trustee during the current audit year. 

Changed Payroll Provider 

• $750 additional fee will apply to the fixed fee listed above each plan size if the plan sponsor has changed its payroll provider during the current audit year. 

Is your plan a multi-employer plan, meaning more than one company is sharing a 401(k) plan? If you have between 1-3 companies, your price won't change. For each additional company in a multi-employer plan, an additional fee of $500 will be applied.

If your plan is a final plan audit, call us for a pricing quote.

We're currently licensed to provide 401(k) audit services in the following states:

Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland (license number 41617), Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia.

Your state not listed? No worries. It only takes us a few weeks to get registered, and then we'll be able to perform your audit.

 

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