The 401(k) Audit CPA Success Show

Topics discussed in this episode include:Key upcoming provisions and their effective datesStrategies for evaluating and implementing plan changesWhy documentation is so important for complianceHow to prepare for plan amendments by the end of 2026Education and communication strategies for plan participantsEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:Practical tips to avoid common errors in census preparation What steps to take if a test is failedHow to correct for plan administration errors Best practices for maintaining documentationEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:What to ask a potential audit firmThe federal communications to look out for and what to do when they arriveHow to determine if an audit firm is the right fit for youTactics to prevent future late filingsEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:Different types of controls and their various usesWhy it's important to layer multiple controlsHow poor internal controls can negatively impact your 401(k) auditThe most common compensation issues auditors come acrossEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:The pitfalls of customization options in QuickBooksWhy it's important to keep documents clearly organizedHow delays with documents can result in late filingWhat is AuditMiner and how 401(k) auditors are able to use itEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:A breakdown of the schedules you could encounter and their impact on your auditWhy you should always promptly answer any requests from your auditorWhat to include, and what to exclude, when filing your Form 5500Key tips to avoid difficulties while using the EFAST systemEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:How SAS 143 and SAS 145 can impact your 401(k) plan audit.The considerations you need to take with your IT environment, even if either your plan or your IT work is managed by a third-party.The consequences of changes to Form 5500 and why this change especially matters for companies hovering around the 100-participant threshold. Episode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Topics discussed in this episode include:Top takeaways from the Audit Quality StudyWhich sections of an EBP audit have the highest rates of errorsThe questions to ask your audit firm to determine whether they have the experience your business needsEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Request a 401(k) audit consultation

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ Topics discussed in this episode include:Tips on defining roles within your 401(k) plan to promote more cohesionThe importance of access reviews and why access levels are an equally important part of the discussionBenefits of a compliance calendar, plus tips to create one that helps you meet deadlines and improve processesWhy hiring an investment advisor could help improve participant satisfaction and be a part of your due diligenceEpisode resources:Watch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “We always say that you can outsource the responsibility, but you can't outsource accountability. And you as the fiduciary are responsible. Even though you have hired this third party and you have a contract and everything else, you're still ultimately responsible for whatever happens. So, if something goes wrong and the money gets dispersed to the wrong person, you could be held liable.”Topics discussed in this episode include:How failure to comply with ERISA, DOL or IRS compliance guidelines can result in hefty fines, legal action and even jail time for plan fiduciariesThe importance of obtaining a fidelity bond, also known as an ERISA bond, even if a third-party administrator says it's not necessaryDiscrimination testing best practices to ensure timely compliance so you can avoid paying excise taxesWhy plan sponsors and administrators should regularly review plan distributions Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “[Cybersecurity protection] is not something in passing that [the Department of Labor is] involved in, not something that once a breach occurs, now they're gonna get involved. They're trying to be more preventative. We're trying to get the information out to all of our clients, as well as anyone listening here: this is something you need to pay attention to.”Topics discussed in this episode include:Plan sponsors have a fiduciary duty to ensure the safety of participants' assets from fraud, even if the funds are managed by a service providerThe Department of Labor may ask about your company's cybersecurity protections during unrelated visits to test your readinessDocumenting proactive, annual risk assessments and quarterly or monthly control reviews is a critical way to provide proof of good-faith effort to keep your plan and participants protectedERISA bonds will not cover a fraud situation, so invest in an insurance plan to keep your plan and your company covered in case of a breach.Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.Discover how Anders Technology Groupworks with your organization to protect against cyber threats.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “It can be worse than time-consuming to fix administrative errors, it can be very costly. Make sure you leave time in your schedule to review the forms, make sure they're correct and get them filed on time.”Topics discussed in this episode include:Guidance on how to extend deadlinesA breakdown of the different schedules and how they apply to 401(k) plansTips for avoiding penalties and fees caused by inaccuracies on your Form 5500Instructions on how to work with a third-party service provider to keep the process moving forwardEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “But I would caution you if an auditor is…half of all other ones… I would be a little bit suspicious of why are their costs so much less. Maybe they have a valid reason…but at the same time if they're trying to get into something that they really don't know what they're doing, that's one of the ways that'd be a red flag.” Topics discussed in this episode include:Questions to ask to verify a potential auditor's qualificationsThe differences between billing and pricing methods used by auditing firmsResources to use to find a qualified auditorDeciding between a local auditor and a remote firm, plus the benefits and costs to both optionsEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/“If it's a first-year audit, they usually take a little longer, as you can imagine. I get calls from people that this is a first audit and they say, ‘Can you do my audit tomorrow?' I can start tomorrow, but I'm not going to finish it in a day. That's just not even possible. So you want to make sure that you talk to your auditor about timing.”The information discussed in this episode includes:A walkthrough of the general layout of a first-time 401(k), from first steps to closing out an auditImportant timing considerations to understand before beginning your audit to avoid costly delaysHow best to prepare necessary documents in time for the audit to maximize efficiencyEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “Getting that [third-party administrator] questionnaire turned around quickly is really important, as well as if the provider's asking you for some type of year-end payroll report, a census, those are terms we see a lot. That is going to get folded into the discrimination testing that your service provider's going to do, and that's very important that that gets done, that it's accurate and that it's timely.”Topics discussed in this episode include:How auto-enrollment can drive high plan participation and lower your organization's risk of failing discrimination testingWhat triggers the need for your first 401(k) audit and details to help you prepareWhy “compliance calendars” are absolutely critical to run a plan as smoothly as possible despite how overwhelming it may initially feelEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “If you delay getting us the information and there's a problem, it can't get resolved. More than likely, your audit is going to be late just because we've got others to work on. It's just the way it is. You have the fiduciary responsibility over the plan. So anything you can do to help us figure out those problems is going to be greatly appreciated by your auditor, but will also save you a lot of time and help you to file on time.”The finer details in this episode:Tips and tricks to speed up the audit processImportance of working with an auditor on missing paperworkThe role of a third-party provider on the audit process

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "It does have some pretty big implications for those of you that either are a 401k plan participant or if you are the planned sponsor of a 401k plan, we wanted to kind of keep you updated so this doesn't hit you as a surprise because we do believe it's going to become law. It's just a matter of when and exactly what's included in the bill" - Kim Moore The finer details in this episode:Secure Act 2.0 major provisions and their implications explainedQualifications and requirements that participants and plan sponsors need to knowWhat does this mean for younger professionals? for part-time employees? for employers?Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "We're very excited about the possibilities...the joint marketing, the results of that, how that plays into the rules going forward, and the way that impacts our interactions with clients and prospects going forward are some of the really exciting parts of the combination." - Mark HensonIn this episode, Kim Moore and Mark Henson discuss the merger of Summit CPA Group with Anders CPAs + Advisors, a Top 100 St. Louis-based CPA and advisory firm. For more details on the merger, visit: https://anderscpa.com/anders-and-summit-cpa-group-to-merge/The finer details in this episode:What does it mean for Summit CPA's audit team now that Anders and Summit is merging?What are the differences and similarities of the services that Anders and Summit provide?How does this merger impact operations, marketing, and client management?Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "I always describe the, the audit timeline as an airplane on a runway. You know, it takes so much runway to get the airplane off the ground and into the air. Depending on the size of the airplane and how much cargo it is carrying and everything else. You only got so much runway and as you get to the end, the airplane is probably gonna either not take off or crash if you leave it too long." Kim Moore The finer details in this episode:What you should do to communicate and build better relationships with your 401k auditorImportant documentation to prepare and important discussions to haveWhat to expect to avoid miscommunicationEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "We listened to our customers. AuditMiner is so customer-lead. We don't develop a feature unless it's been requested by a customer and we get the customer feedback the whole time." Kelly Mann The finer details in this episode:How AuditMiner came to be? What are the benefits of using AuditMiner?How listening to clients helped in improvements and updatesHow much time savings do clients get when using AuditMiner?Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "As long as you talk to your auditor upfront (and say), make sure they're on board, they know what they're doing. They're handling all this properly. Talk about any of these areas that may have peaked your interest that, oh, that sounds like a problem for. Talk to your auditor and do it now. Don't wait." Kim Moore The finer details in this episode:Defining and understanding the SAS 136 - for plan sponsors and auditorsThings to consider when determining what audit you needWhat you need to prepare with your service providers if you are a plan sponsor Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "Some of this we have talked about before, but what we tried to do is put together twelve (12) that we thought are important to plan sponsors and plan participants." - Kim MooreThe finer details in this episode:What you should consider for your 401k plan in preparation for 2022What you can do to take actionExamples and reminders for plan administrationsThe importance of communication and documentation  Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "We're seeing it all across different disciplines, all different types of employment and what we're finding is that people are quitting - and that really started from probably I'd say January and still continuing on through today - where they're quitting for all kinds of reasons" - Jody GrundenThe finer details of this episode What is "The Great Resignation"?What are the reasons behind this phenomenon?What companies can do to take the employee retention to the next level?Finding candidates, the evaluation process and preventing no-shows.Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ "You want to allow people to have very specific questions about their situation. Different companies have different needs. (You) Definitely want to get everybody thinking about this. So they're prepared when it's, when it's time." - Kim MooreThe finer details in this episode:What approach should you use? Why is a holistic approach important?Questions to ask your service providers to ensure you know the requirements you need to communicateWhat you need to consider before doing open enrollment Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “The pricing should be transparent. They should be able to tell you what are the factors and why is that important.” - Kim MooreThe finer details in this episode:Why choosing the cheaper service provider is not always better in auditSetting expectations and defining the value of a 401k Plan AuditHow Summit CPA is pricing their 401k Plan audit servicesWhat to consider and what questions to ask auditorsEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “You want to make sure that whoever is doing your audit, knows what they're doing because 401k audits are different than financial statement audits, they have certain quirks to them and your auditor needs to understand that ” - Karen Hill The finer details in this episode:What considerations you need to look at other than priceWhat questions to ask to CPA firms to qualify themWhat is a peer review? Why you'd want to look for a copy of thisClient referrals and the right questions to ask themEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “It has been a challenge for me, with making sure I'm tying my numbers back and forth, navigating through our online system. We did use Advance Flow at my old job but it wasn't as detail-oriented as Summit is.” - Chasity Price The finer details in this episode:Chasity and Lauren's previous job experiencesUnderstanding different kinds of auditsWhat working remotely is like for them and the identifying challenges of working remotelyWhat are their key learning experiences with Summit CPAEpisode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “A small investment now is definitely worth it, definitely something you would like to talk to your public supervisor about.” - Kim Moore The finer details in this episode:Cyber security, 401k Plans and the governmentImportance of cyber securityWhat you should watch out for to avoid cyber security attacksWhat steps you need to take to protect your business and your clients information Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “It is expected to pass in 2021, and the current expectation is that it will become effective 1/1/2022 and that's not far away....What happens when you put forward a bill like this it has an impact on the budget.” - Kim Moore The finer details in this episode:Secure Act vs. Secure Act 2.0Deep dive on the changes in the Secure ActImpact of Secure Act 2.0 to 401k PlansWhat do you need to do to prepare for the new legislation? Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “You wanna find out from them what happens if I do sign with you and I stay for a while and for whatever reason I decide I wanna go somewhere else....what does that process look like? What are you gonna agree to help me with?” - Kim Moore The finer details in this episode:Does your company need one?What to look for if you plan to hire record keepers/third party administrator servicesThings to consider when planning to switch service providersChoosing which service provider to work with Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “It's not a pleasant situation. The things we are recommending are best practices anyways, you should be doing all those things we talked about not to avoid a lawsuit, but just cause it's the right thing to do and you should care about your employees.” - Kim Moore The finer details in this episode:What to do when you receive a 401k Plan lawsuitUnderstanding 401k plan lawsuit statistics and using this to asses your 401k planWhat can lawsuits cost youWhat can you do as a 401k plan sponsor to avoid lawsuitsMain reasons of 401k related lawsuitsTips a 401k plan sponsor can use to stay on top of 401k plans Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “Planning as early as possible makes the whole process easier.” - Kim Moore The finer details in this episode:Why planning your retirement earlier is importantWhere to start your retirement planningUnderstanding your needs and what you want to achieve for your retirement planTips on managing your retirement plan Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “Nearly 1 out of 2 American households have suffered a significant decline in their income in a time when most didn't have sufficient emergency savings.” - David Ramirez  The finer details in this episode:Thoughts on COVID-19 and how it impacts the 401k spaceCommunications with current and past employees due to the decline in the economyThings you can do to help your employees get through the current economic hardshipCore advice for employees on their 401k planWhy it might not be rational for some of your employees to join your 401k planFees associated with the 401k plans Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.For Us All - https://www.forusall.com/Email David - david@forusall.com

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “As the employer, you have a lot of say in what happens to your employees. You hold a lot of control over an individual, and now their retirement is entrusted in you.” - Kim Moore  The finer details in this episode:The difference between the sponsor, trustee, and administratorWhat your responsibilities are if you are a plan sponsor, trustee, or administratorThe different penalties or fines you could possibly face related to your 401k planAreas of the 401k plan where you want to pay extra attentionOptions you have when you are facing fines Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “Often employees don't get into a plan because they don't know or they are scared. With auto-enrollment, they don't have to do anything to get into a mixed investment portfolio appropriate to their age.” - Kim Moore  The finer details in this episode:What is auto-enrollment?How investments are chosen for auto-enroll plansPros and cons of implementing an auto-enroll planProcesses for notifying employees when they are being enrolledFactors to consider when deciding if you should implement auto-enrollment into your 401k planPossible pitfalls with auto-enrollment and how to avoid themThe process of getting started with auto-enrollment Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “The audit is driven by the number of eligible participants in the beginning of the year. If that number is over 100, then you will need an audit.” - Kim Moore  The finer details in this episode:Due dates for the 5500 and the extension periodWho can file the 5500 on your company's behalfThe process of filing your 5500The point at which you will need an auditImportant details to review on the 5500The auditor's responsibility with the 5500What to do if you can't make the deadline Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “We are hearing from CPA firms that their timeframes are being compressed, and that takes away the time they would use to do the 401(k) audits.” - Kim Moore  The finer details in this episode:Updated tax information for 401ksWill there be extensions and new deadlines available?How the audit process is affected by an increase in remote teamsWhy you shouldn't relax your standardsAspects of your 401k plan that you should check due to the pandemicWhat you can do if you have to file late Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “If the plan document says something other than what you do or meant to do, you need to get that amended to make sure your procedures follow the plan document.” - Kim Moore  The finer details in this episode:Common eligibility errors that companies make for employees entering the planWhat to do with interns and seasonal employeesHow to set service requirements in your plan documentWhy you should document that you offered the plan to your employeeHow to determine if you have a fidelity bondWhat you need to know about discrimination testingBest practices for distributions and loansDisclosures that need to be distributed about your 401k plan Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “The Department of Labor and the IRS understand that errors happen, which is why they set up the voluntary correction fund.” - Kim Moore  The finer details in this episode:Employee compensation factors that you need to track for the 401k planWhy documentation of payroll changes are so importantWhat to do when you didn't withhold when you were supposed to withholdHow to handle late contributionsAligning your payroll schedule with your contributionsMaximizing your contributions for highly compensated employees Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “Make sure you are paying attention to any communication in regard to the 401k plan.” - Kim Moore  The finer details in this episode:What is the SAS 136 and what you need to know as a sponsorWhen this new standard goes into effectWhat you need to do in order to comply with this changeThe requirements for documentation that are now in effect Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “This is a huge opportunity as a company to help your employees to prepare for retirement.”- Kim Moore  The finer details in this episode:What is the SECURE Act?The timeline moving forward with the new lawStatistics and reasons this act passed into lawHow this act will help you encourage your employees to prepare for retirementHow to take advantage of this as a small companyBenefits your business can receive from the actHow to get your employees to participate in your planRequirements you will be expected to meetChanges you need to know about Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “There are a lot of complexities in what drives the price for audits.”- Kim Moore  The finer details in this episode:The average pricing for a 401K audit and what drives the pricingThe difference between a fixed fee audit and a “time and materials” auditThe payment process you can expect once the fee is setOther factors that might make your audit more expensive than averageHow Summit CPA is able to keep their 401k pricing so lowCommon questions we get during the quoting process Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ “The most important thing for you as a sponsor is to make sure you understand your plan.” - Kyle Tanaka The finer details in this episode:The process you can expect to follow with the auditing firmThe information you will have to provide to your auditorHow you can prepare for a 401k auditThe importance of asking questions and keeping a dialogue with your auditorHow to get organized before and during the auditWhy you should always keep your payroll data Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.AICPA - https://www.aicpa.orgGoToMeeting - https://www.gotomeeting.comSmart Sheet - https://www.smartsheet.com

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ Tweetable: “Make sure you understand the rules. Don't just fly by the seat of your pants because you can get in a lot of trouble.” - Kim MooreThe finer details of this episodeWhen do you need to hire an auditor?Who's liable for a lousy audit?Questions to ask during your search for an auditor.What is the AICPA and why it matters?What is the role and purpose of a fiduciary?A 10,000-foot view of the audit process.What to do if you haven't filed.Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.AICPA

Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ Tweetable: “Don't just hire the first audit firm you find. Don't just hire the cheapest audit firm you find. Ask questions about the quality of the work they're doing.” - Kim MooreThe finer details of this episodeJody's background and how Kim took over the 401(k) audit processKim's background working in auditingWhat level of audit experience does the team have?The key things Kim focused on from the beginningHow does being a “virtual” firm effect the 401(k) audit process?What to look for when hiring an auditor?Episode resourcesWatch episodes of The 401(k) Audit CPA Success Show on YouTube.Learn more about the Anders 401(k) process and pricing.Email our Director + 401(k) Audit, Kim Moore, with questions.AICPAThe Summit CPA backstory (coming soon)