10 Common Retirement Plan Mistakes

Managing your organizations retirement plan can be complicated. For most employees, their retirement funds are their biggest asset. One that they will rely on exclusively once they stop working. Our team of Employee Benefit Plan experts work with organizations of all sizes and unique situations. In fact, we audit over 60 different plans. Thanks to… Read more »

Changes to Hardship Withdraws

If circumstances, such as immediate and heavy medical expenses, required you to make a hardship withdrawal from your 401(k) you may need to be aware of changes over the past year. Thanks to the Budget Act of 2018, several changes are going into effect for the 2019 Plan Year in regards to hardship withdrawals: No… Read more »

Three Questions to Ask Your Auditor Before Your First Benefit Plan Audit

Is your first benefit plan audit in the near future? If so, you’ll need to be prepared. Any business with employee benefit plans covered by ERISA will be subject to complex regulations and possibly an annual audit, once they have 100 eligible employees. Plan sponsors have a fiduciary responsibility to properly manage their plans. Before… Read more »

Failing to properly complete Form I-9 can be costly

In recent years, U.S. Immigration and Customs Enforcement (ICE) agency has focused its attention on construction companies and other businesses that rely heavily on foreign workers. And the agency isn’t just targeting companies that employ workers who are in the country illegally. It’s also penalizing businesses that fail to satisfy their employee verification paperwork requirements…. Read more »

Tax Planning Ideas for Postsecondary Education

It’s no big secret that more young people are turning to college as a means to further their education and career prospects.  According to the U.S. Department of Education, enrollment at degree-granting postsecondary institutions increased approximately 17 percent from 2004 to 2014. In addition, for the 2014-2015 academic year, the average cost for undergraduate tuition,… Read more »

USE QUALIFIED AUDITORS FOR YOUR EMPLOYEE BENEFIT PLANS

Employee benefit plans with 100 or more participants must generally provide an audit report when filing IRS Form 5500 each year. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits. Select a qualified auditor ERISA guidelines require employee benefit plan auditors to be licensed or certified public accountants. They… Read more »

Paige Earns Employee Benefit Plans Audit Certificate

YHB Supervisory Senior Nykeya Paige has been awarded the AICPA Intermediate Employee Benefit Plans Audit Certificate. Certificates are issued to CPAs who perform single audits (governmental entities and grantees) and employee benefit plan audits. The program helps auditors improve and demonstrate competency and quality when conducting these specialized engagements. According to the American Institutes of Certified… Read more »

Orchestrating Your Retirement Accounts

An orchestra is a merely a collection of instruments, each of which brings a unique sound. It is only when a conductor leads them that they create the beautiful music imagined by the composer. The same can be said about your retirement strategy. The typical retirement strategy is a built on the pillars of your 401(k)… Read more »

Systematic Withdrawals in Retirement: Clear, Simple — and Wrong?

Many of us grew up with the concept that regular, periodic contributions to our retirement account was a sound investment strategy. The idea was that in a fluctuating market a regular schedule of a set investment amount, generally speaking, would mean that we bought more shares when prices were low and less shares when prices were… Read more »