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“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 administrator What your responsibilities are if you are a plan sponsor, trustee, or administrator The different penalties or fines you could possibly face related to your 401k plan Areas of the 401k plan where you want to pay extra attention Options you have when you are facing fines  Episode resourcesSummit CPA website - www.Summitcpa.net    Email us with questions - audit@summitcpa.net

“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 plans Pros and cons of implementing an auto-enroll plan Processes for notifying employees when they are being enrolled Factors to consider when deciding if you should implement auto-enrollment into your 401k plan Possible pitfalls with auto-enrollment and how to avoid them The process of getting started with auto-enrollment  Episode resourcesSummit CPA website - www.Summitcpa.net    Email us with questions - audit@summitcpa.net

“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 period Who can file the 5500 on your company’s behalf The process of filing your 5500 The point at which you will need an audit Important details to review on the 5500 The auditor’s responsibility with the 5500What to do if you can’t make the deadline  Episode resourcesSummit CPA website - www.Summitcpa.net    Email us with questions - audit@summitcpa.net 

“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 401ks Will there be extensions and new deadlines available? How the audit process is affected by an increase in remote teams Why you shouldn’t relax your standards Aspects of your 401k plan that you should check due to the pandemic What you can do if you have to file late  Episode resourcesSummit CPA website - www.Summitcpa.net    Email us with questions - audit@summitcpa.net

“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 employees How to set service requirements in your plan document Why you should document that you offered the plan to your employee How to determine if you have a fidelity bond What you need to know about discrimination testing Best practices for distributions and loans Disclosures that need to be distributed about your 401k plan  Episode resourcesSummit CPA website - www.Summitcpa.net   Email us with questions - audit@summitcpa.net

“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 plan Why documentation of payroll changes are so important What to do when you didn’t withhold when you were supposed to withhold  How to handle late contributions Aligning your payroll schedule with your contributions Maximizing your contributions for highly compensated employees  Episode resourcesSummit CPA website - www.Summitcpa.net   Email us with questions - audit@summitcpa.net

“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 sponsor When this new standard goes into effect What you need to do in order to comply with this change The requirements for documentation that are now in effect  Episode resourcesSummit CPA website - www.Summitcpa.net   Email us with questions - 401k@summitcpa.net 

“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 law Statistics and reasons this act passed into law How this act will help you encourage your employees to prepare for retirement How to take advantage of this as a small company Benefits your business can receive from the act How to get your employees to participate in your plan Requirements you will be expected to meet Changes you need to know about  Episode resourcesSummit CPA website - www.Summitcpa.net   Email us with questions - 401k@summitcpa.net

“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 pricing The difference between a fixed fee audit and a “time and materials” auditThe payment process you can expect once the fee is set Other factors that might make your audit more expensive than average How Summit CPA is able to keep their 401k pricing so low Common questions we get during the quoting process  Episode resourcesSummit CPA website - www.Summitcpa.net   Email us with questions - 401k@summitcpa.net

“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 resourcesSummit CPA website - www. Summitcpa.netAICPA - https://www.aicpa.orgGoToMeeting - https://www.gotomeeting.comSmart Sheet - https://www.smartsheet.com

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 resourcesSummit CPA websiteAICPA

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 resourcesSummit CPA websiteAICPAThe Summit CPA backstory (coming soon)