UPDATE: The Corporate Transparency Act May Still Apply to You
On March 1, a district court judge ruled that the Corporate Transparency Act (CTA) is unconstitutional. However, his decision applied only to the...
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Karlie Johnson, CPA : August 10, 2017
August 10, 2017 — Does your company have a retirement plan, such as a 401(k) or ESOP, and cover 100 or more participants? If so, you’re required by law to have an annual audit of the plan completed and filed with the IRS and Department of Labor (DOL). The annual audit, completed by a qualified and independent CPA firm, is required to be attached to the filing of the Form 5500 for retirement plans that meet the definition of a “large plan.”
A large plan is a retirement plan that includes over 100 eligible participants on the first day of the plan year. Eligible participants may be any of the following:
There are two exceptions to the large plan audit requirement:
The accurate determination of the number of eligible participants is critical, given that this number determines the need for an annual audit.
If you still have questions to determine if your retirement plan is subject to an annual audit, contact Karlie Johnson, CPA at kjohnson@repdathcpas.com.
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