Tag Archives: 401k

Lack of Documentation Still an Issue During 401(k) Audit Season

The employee benefit plan audit season, which lasts from April through the extended Form 5500 filing deadline of October 15th, is well underway and we are finding that lack of proper documentation for plan transactions – typically hardship distributions, participant loans, and rollovers into the plan – is still an issue for many plan sponsors. […]

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Dollar Limits on Compensation and Benefits Announced

The Internal Revenue Service has announced the 2014 cost-of-living adjustments for various limits affecting employee benefit plans. The more common limits are detailed below for 2013 and 2014. If you have any questions about how these limits apply to you, please contact Mark Flanagan of Aronson’s Employee Benefit Plan Services Group at 301-231-6257.

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Obama’s FY14 Budget Proposal NOT Retirement Plan Friendly!

The Obama Administration’s recently released fiscal year 2014 budget contains several provisions that are less than advantageous as they relate to retirement plans. These provisions are by no means final, however, as Congress has yet to work its way through them. The proposed budget contains two specific provisions that would greatly reduce the attractiveness of […]

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New Roth Conversion Provisions in 401(k) Retirement Plans

The legislation to avoid the “Fiscal Cliff” did not spawn widespread retirement plan changes as many had feared. However, there is a minor change related to Roth conversions in eligible retirement plans. 401(k) plans that allowed for Roth 401(k) contributions also allowed for the conversion of participant accounts to Roth accounts, but only if the […]

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International Tax Series: Know the Basics of Entity Classification and Check-the-Box when Forming or Acquiring a Foreign Company

A U.S. person who plans to form or acquire an ownership interest in a foreign company should be aware of the following U.S. tax requirements. The Form 8832 check-the-box entity classification election can be filed to treat a foreign eligible entity as a pass-through entity for U.S. tax purposes. A foreign entity which is not […]

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