https://simplecast.com The 401(k) Audit CPA Success Show Do you have 100 eligible participants in your 401(k) plan? If so, you might need a 401(k) audit. Anders CPAs + Advisors helps make the audit process as smooth as possible for companies across the United States. This podcast seeks to help companies learn everything they need to know about 401(k) audits, the audit process, and what you need to look for when searching for a 401(k) auditor. Tune-in monthly as Kim Moore, Director + 401(k) Audit at Anders, and special guests share the knowledge and experience acquired from decades of experience performing 401(k) audits. We'll answer some of the most common questions like does my company need a 401(k) audit? What do we need to do to prepare for a 401(K) audit? And much, much more. 2019-2022 Anders CPAs + Advisors en Mon, 30 Dec 2024 10:30:00 +0000 Wed, 5 Feb 2025 20:43:42 +0000 https://the-401k-audit-cpa-success-show.simplecast.com The 401(k) Audit CPA Success Show https://image.simplecastcdn.com/images/8d1f2af0-a347-4352-a286-1a56040e3a6a/7f1dd051-30e6-4963-8496-ffd9512968dd/3000x3000/the-401-k-audit-cpa-success-show.jpg?aid=rss_feed https://the-401k-audit-cpa-success-show.simplecast.com episodic Do you have 100 eligible participants in your 401(k) plan? If so, you might need a 401(k) audit. Anders CPAs + Advisors helps make the audit process as smooth as possible for companies across the United States. This podcast seeks to help companies learn everything they need to know about 401(k) audits, the audit process, and what you need to look for when searching for a 401(k) auditor. Tune-in monthly as Kim Moore, Director + 401(k) Audit at Anders, and special guests share the knowledge and experience acquired from decades of experience performing 401(k) audits. We'll answer some of the most common questions like does my company need a 401(k) audit? What do we need to do to prepare for a 401(K) audit? And much, much more. Summit CPA Group , Anders CPAs + Advisors false https://feeds.simplecast.com/z7TxziGj virtual cfo, 401(k) audits, cpa firm augmentation Anders CPAs + Advisors kmoore@anderscpa.com 428c0e67-21e9-49f2-91c6-2fd36c9ff711 Preparing Your Plan for New Secure Act 2.0 Provisions Topics discussed in this episode include:

  • Key upcoming provisions and their effective dates
  • Strategies for evaluating and implementing plan changes
  • Why documentation is so important for compliance
  • How to prepare for plan amendments by the end of 2026
  • Education and communication strategies for plan participants

Episode resources:

]]> Mon, 30 Dec 2024 10:30:00 +0000 kmoore@anderscpa.com (Karen Hill, Kim Moore, Kristin Cortez) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/preparing-your-plan-for-new-secure-act-20-provisions-569yA9ru Topics discussed in this episode include:

  • Key upcoming provisions and their effective dates
  • Strategies for evaluating and implementing plan changes
  • Why documentation is so important for compliance
  • How to prepare for plan amendments by the end of 2026
  • Education and communication strategies for plan participants

Episode resources:

]]> Preparing Your Plan for New Secure Act 2.0 Provisions Karen Hill, Kim Moore, Kristin Cortez 00:42:12 Plan sponsors and administrators will face new opportunities as 2026 Secure Act 2.0 provisions come into effect. Take this time to prepare amendments to your plan document and educate your participants on upcoming changes. You should also review new provisions, both mandatory and optional, and begin strategizing how to include them in your plan. Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager, were joined by Kristin Cortez, an audit and assurance supervisor with the firm, to provide actionable tips for evaluating and implementing these changes to ensure compliance and optimal benefits for your participants. Plan sponsors and administrators will face new opportunities as 2026 Secure Act 2.0 provisions come into effect. Take this time to prepare amendments to your plan document and educate your participants on upcoming changes. You should also review new provisions, both mandatory and optional, and begin strategizing how to include them in your plan. Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager, were joined by Kristin Cortez, an audit and assurance supervisor with the firm, to provide actionable tips for evaluating and implementing these changes to ensure compliance and optimal benefits for your participants. 401(k) plans, 401(k) plan sponsor, secure act 2.0, 401(k) plan compliance, 401(k) plan audits, 401(k) plan administrator false full 46 15502e70-2b09-40b8-81db-0291a34192ff Working with a Third Party Administrator or Recordkeeper on Your 401(k) Plan Topics discussed in this episode include:

  • Practical tips to avoid common errors in census preparation 
  • What steps to take if a test is failed
  • How to correct for plan administration errors 
  • Best practices for maintaining documentation

Episode resources:

]]> Mon, 25 Nov 2024 10:30:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill, Kristin Cortez) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/third-party-administrator-recordkeeper-401k-plan-wL_PKg5d Topics discussed in this episode include:

  • Practical tips to avoid common errors in census preparation 
  • What steps to take if a test is failed
  • How to correct for plan administration errors 
  • Best practices for maintaining documentation

Episode resources:

]]> Working with a Third Party Administrator or Recordkeeper on Your 401(k) Plan Kim Moore, Karen Hill, Kristin Cortez 00:43:16 What activities and responsibilities do a 401(k) plan’s third-party administrator (TPA) have as year-end approaches, and how can plan sponsors or administrators better work with them to make sure those responsibilities are maintained? Anders director and 401(k) practice leader Kim Moore is joined by audit manager Karen Hill and audit supervisor Kristin Cortez to discuss proactive strategies both plan sponsors and TPAs can enact to fulfill fiduciary duties and ensure compliance. What activities and responsibilities do a 401(k) plan’s third-party administrator (TPA) have as year-end approaches, and how can plan sponsors or administrators better work with them to make sure those responsibilities are maintained? Anders director and 401(k) practice leader Kim Moore is joined by audit manager Karen Hill and audit supervisor Kristin Cortez to discuss proactive strategies both plan sponsors and TPAs can enact to fulfill fiduciary duties and ensure compliance. 401(k) plans, 401(k) plan sponsor, 401(k) plan auditor, 401(k) audits, 401(k) plan audit, 401(k) plan compliance, 401(k) plan audits, 401(k) plan administrator false full 45 bf43e8d0-8abe-4ff8-9d7a-3405a14b23dd Best Practices for Filing a Late Form 5500 Topics discussed in this episode include:

  • What to ask a potential audit firm
  • The federal communications to look out for and what to do when they arrive
  • How to determine if an audit firm is the right fit for you
  • Tactics to prevent future late filings

Episode resources:

]]> Mon, 14 Oct 2024 09:00:00 +0000 kmoore@anderscpa.com (Karen Hill, Kim Moore) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/best-practices-for-filing-a-late-form-5500-Ckm4aVdu Topics discussed in this episode include:

  • What to ask a potential audit firm
  • The federal communications to look out for and what to do when they arrive
  • How to determine if an audit firm is the right fit for you
  • Tactics to prevent future late filings

Episode resources:

]]> Best Practices for Filing a Late Form 5500 Karen Hill, Kim Moore 00:39:54 Filing your form 5500 by the final October 15 deadline is essential to avoid penalties from federal agencies like the Department of Labor and the Internal Revenue Service (IRS), but what can you do if you’re late? Working with an audit firm to file your late form 5500 can help you minimize the negative consequences while working to get you on track for your next 401(k) plan audit. Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager, discuss best practices and actionable tips for plan sponsors and administrators who find themselves on the wrong side of the October 15th deadline. Filing your form 5500 by the final October 15 deadline is essential to avoid penalties from federal agencies like the Department of Labor and the Internal Revenue Service (IRS), but what can you do if you’re late? Working with an audit firm to file your late form 5500 can help you minimize the negative consequences while working to get you on track for your next 401(k) plan audit. Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager, discuss best practices and actionable tips for plan sponsors and administrators who find themselves on the wrong side of the October 15th deadline. 401(k) plan sponsor, 401(k) audits, form 5500 false full 43 8b437b96-cfbd-4548-9fb3-03ab9e705523 Taking Command of Your 401(k) Plan’s Internal Controls Topics discussed in this episode include:

  • Different types of controls and their various uses
  • Why it’s important to layer multiple controls
  • How poor internal controls can negatively impact your 401(k) audit
  • The most common compensation issues auditors come across

Episode resources:

]]> Mon, 16 Sep 2024 09:00:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill, Kristin Cortez) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/taking-command-of-your-401k-plans-internal-controls-Prd41B3C Topics discussed in this episode include:

  • Different types of controls and their various uses
  • Why it’s important to layer multiple controls
  • How poor internal controls can negatively impact your 401(k) audit
  • The most common compensation issues auditors come across

Episode resources:

]]> Taking Command of Your 401(k) Plan’s Internal Controls Kim Moore, Karen Hill, Kristin Cortez 00:41:04 It’s essential for 401(k) plans to have strong controls to prevent fraud, inaccuracies and remain in compliance with federal agencies. Layering a variety of controls into your 401(k) plan processes provides an extra layer of security, but they should be reviewed periodically to ensure they’re still effective. Five common controls can help keep your 401(k) plan in compliance, but are these controls being employed fully and correctly? Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager, were joined by Kristin Cortez, an audit and assurance supervisor with the firm, to discuss best practices and share actionable tips to help manage your internal controls. It’s essential for 401(k) plans to have strong controls to prevent fraud, inaccuracies and remain in compliance with federal agencies. Layering a variety of controls into your 401(k) plan processes provides an extra layer of security, but they should be reviewed periodically to ensure they’re still effective. Five common controls can help keep your 401(k) plan in compliance, but are these controls being employed fully and correctly? Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager, were joined by Kristin Cortez, an audit and assurance supervisor with the firm, to discuss best practices and share actionable tips to help manage your internal controls. 401(k) plan sponsor, 401(k) plan auditor, 401(k) plan, 401k audit, 401(k) plan audits, internal controls, 401(k) plan administrator false full 42 c461c40f-1ba3-47af-9df2-87bb81357fdf Prevent Delays and Errors in your 401(k) Plan Audit with the Power of Automation Software Topics discussed in this episode include:

  • The pitfalls of customization options in payroll software and modules such as QuickBooks
  • Why it’s important to keep documents clearly organized
  • How delays with documents can result in late filings
  • What is AuditMiner and how 401(k) auditors are able to use it

Episode resources:

]]> Mon, 26 Aug 2024 09:30:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/prevent-delays-and-errors-in-your-401k-plan-audit-with-the-power-of-automation-software-aSh54aB0 Topics discussed in this episode include:

  • The pitfalls of customization options in payroll software and modules such as QuickBooks
  • Why it’s important to keep documents clearly organized
  • How delays with documents can result in late filings
  • What is AuditMiner and how 401(k) auditors are able to use it

Episode resources:

]]> Prevent Delays and Errors in your 401(k) Plan Audit with the Power of Automation Software Kim Moore, Karen Hill 00:36:51 As many plan administrators wrap up their 2023-year 401(k) plan audit, reviewing the key pain points of your last audit and preparing for next year’s audit should be a top priority. A major way to improve your audit experience is to reimagine your document retention and control strategies. Automation tools have come a long way in recent years, making it easier to track and maintain the documents you’ll need for your audit, neatly organizing them for ease of access. Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager welcomed AuditMiner Vice President of Business Development Chris Dahl on the show to discuss his company’s software application and how it can help simplify 401(k) audits. As many plan administrators wrap up their 2023-year 401(k) plan audit, reviewing the key pain points of your last audit and preparing for next year’s audit should be a top priority. A major way to improve your audit experience is to reimagine your document retention and control strategies. Automation tools have come a long way in recent years, making it easier to track and maintain the documents you’ll need for your audit, neatly organizing them for ease of access. Kim Moore, Director and 401(k) practice leader, and Karen Hill, audit and assurance manager welcomed AuditMiner Vice President of Business Development Chris Dahl on the show to discuss his company’s software application and how it can help simplify 401(k) audits. 401(k) plan auditor, 401(k) plan, 401(k) audits, 401k audit, 401(k) plan compliance, 401(k) plan audits false full 41 28cff188-01de-4f57-aa44-2e14b3c238f8 Key Steps to Successfully Finalize Your 401(k) Audit Topics discussed in this episode include:

  • A breakdown of the schedules you could encounter and their impact on your audit
  • Why you should always promptly answer any requests from your auditor
  • What to include, and what to exclude, when filing your Form 5500
  • Key tips to avoid difficulties while using the EFAST system

Episode resources:

]]> Mon, 1 Jul 2024 09:30:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/key-steps-to-successfully-finalize-your-401k-audit-S_ZXPuqY Topics discussed in this episode include:

  • A breakdown of the schedules you could encounter and their impact on your audit
  • Why you should always promptly answer any requests from your auditor
  • What to include, and what to exclude, when filing your Form 5500
  • Key tips to avoid difficulties while using the EFAST system

Episode resources:

]]> Key Steps to Successfully Finalize Your 401(k) Audit Kim Moore, Karen Hill 00:42:52 The end of July marks the deadline for most calendar year-end plans to wrap up their 401(k) plan audit, but are you following best practices to ensure compliance with Department of Labor, ERISA and IRS regulations? Even if your organization has an extension to file your finalized Form 5500 in October, there are tactics you can use to secure a successful filing. As the finish line nears, Kim Moore, Director and 401(k) Audit Practice Leader, and Karen Hill, Audit and Assurance Manager, detail the key steps plan sponsors should take to complete their audit. The end of July marks the deadline for most calendar year-end plans to wrap up their 401(k) plan audit, but are you following best practices to ensure compliance with Department of Labor, ERISA and IRS regulations? Even if your organization has an extension to file your finalized Form 5500 in October, there are tactics you can use to secure a successful filing. As the finish line nears, Kim Moore, Director and 401(k) Audit Practice Leader, and Karen Hill, Audit and Assurance Manager, detail the key steps plan sponsors should take to complete their audit. 401(k) plan sponsor, 401(k) plan auditor, 401(k) plan, 401(k) plan audit, 401(k) plan compliance, 401(k) plan administrator false full 40 755f0f3d-df3f-44d5-9cbc-d7b6fd2248b3 What to Ask Your 401(k) Auditor About New 2023 Audit Process Requirements 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:

]]> Mon, 20 May 2024 09:00:00 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/what-to-ask-your-401k-auditor-about-new-2023-audit-process-requirements-sCsSZpun 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:

]]> What to Ask Your 401(k) Auditor About New 2023 Audit Process Requirements Anders CPAs + Advisors 00:28:27 401(k) plan administrators should take note of four changes that could potentially impact your 2023 plan audit. The Department of Labor altered how Form 5500 counts participants, potentially impacting an organization’s need for an audit in 2024. New auditing standards and a renewed focus on securing your IT environment require you to engage your auditor in a frank discussion about what new steps or documentation processes you need to begin to keep your organization’s plan in compliance. Kim Moore, director and 401(k) audit practice leader, and Karen Hill, audit and assurance manager, discussed the changes and strategies plan administrators can use to ensure their organization’s readiness. 401(k) plan administrators should take note of four changes that could potentially impact your 2023 plan audit. The Department of Labor altered how Form 5500 counts participants, potentially impacting an organization’s need for an audit in 2024. New auditing standards and a renewed focus on securing your IT environment require you to engage your auditor in a frank discussion about what new steps or documentation processes you need to begin to keep your organization’s plan in compliance. Kim Moore, director and 401(k) audit practice leader, and Karen Hill, audit and assurance manager, discussed the changes and strategies plan administrators can use to ensure their organization’s readiness. false full 39 47ad540b-73b7-4fd4-ad87-31674b06b4c0 Lessons Learned from the Department of Labor Audit Quality Study Topics discussed in this episode include:

  • Top takeaways from the Audit Quality Study
  • Which sections of an EBP audit have the highest rates of errors
  • The questions to ask your audit firm to determine whether they have the experience your business needs

Episode resources:

]]> Mon, 1 Apr 2024 09:30:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/lessons-learned-from-the-department-of-labor-audit-quality-study-dk71_9Ai Topics discussed in this episode include:

  • Top takeaways from the Audit Quality Study
  • Which sections of an EBP audit have the highest rates of errors
  • The questions to ask your audit firm to determine whether they have the experience your business needs

Episode resources:

]]> Lessons Learned from the Department of Labor Audit Quality Study Kim Moore, Karen Hill 00:46:04 Episode Summary The latest Department of Labor (DOL) Audit Quality Study dives into where the most errors in an employee benefit plan (EBP) audit occur and why the practice has become more specialized than ever. Audit firms with less experience in 401(k), 403(b) and other types of EBP audits have higher average rates of errors compared to more experienced firms. Kim Moore, director and 401(k) audit practice leader, and Karen Hill, audit and assurance manager, discussed the results of the study and what implications it holds for businesses undergoing an EBP audit. Episode Summary The latest Department of Labor (DOL) Audit Quality Study dives into where the most errors in an employee benefit plan (EBP) audit occur and why the practice has become more specialized than ever. Audit firms with less experience in 401(k), 403(b) and other types of EBP audits have higher average rates of errors compared to more experienced firms. Kim Moore, director and 401(k) audit practice leader, and Karen Hill, audit and assurance manager, discussed the results of the study and what implications it holds for businesses undergoing an EBP audit. employee benefit plan audit, 401(k) plan sponsor, 401(k) plan, 401(k) plan audit, employe benefit plan, department of labor audit quality study false full 38 9af7ee65-a148-4290-84db-166bd668eceb 7 Tips to Become a Proactive Plan Administrator 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 cohesion
  • The importance of access reviews and why access levels are an equally important part of the discussion
  • Benefits of a compliance calendar, plus tips to create one that helps you meet deadlines and improve processes
  • Why hiring an investment advisor could help improve participant satisfaction and be a part of your due diligence

Episode resources:

]]> Wed, 31 Jan 2024 10:30:00 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/7-tips-to-become-a-proactive-plan-administrator-vijUbRYQ 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 cohesion
  • The importance of access reviews and why access levels are an equally important part of the discussion
  • Benefits of a compliance calendar, plus tips to create one that helps you meet deadlines and improve processes
  • Why hiring an investment advisor could help improve participant satisfaction and be a part of your due diligence

Episode resources:

]]> 7 Tips to Become a Proactive Plan Administrator Anders CPAs + Advisors 00:38:52 To make 2024 an even more successful year, plan sponsors and administrators should commit themselves to being more proactive rather than reactive when it comes to your 401(k) plan. Even if a third-party administrator monitors your 401(k) plan, important tasks can be overlooked and vital deadlines missed, resulting in expensive fines. As the first deadlines for 401(k) audits approach, consider taking the actions set out by Anders 401(k) director and practice leader Kim Moore and audit and assurance manager Karen Hill for punctual deliverables and improved processes. To make 2024 an even more successful year, plan sponsors and administrators should commit themselves to being more proactive rather than reactive when it comes to your 401(k) plan. Even if a third-party administrator monitors your 401(k) plan, important tasks can be overlooked and vital deadlines missed, resulting in expensive fines. As the first deadlines for 401(k) audits approach, consider taking the actions set out by Anders 401(k) director and practice leader Kim Moore and audit and assurance manager Karen Hill for punctual deliverables and improved processes. 401(k) plan sponsor, 401(k) plan auditor, 401(k) audits, 401(k) plan audit, 401k audit, 401(k) plan administrator false full 37 3c38534f-11ad-4b4f-a227-6afacc759a75 Keeping up with 401(k) Compliance Requirements 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 fiduciaries
  • The importance of obtaining a fidelity bond, also known as an ERISA bond, even if a third-party administrator says it’s not necessary
  • Discrimination testing best practices to ensure timely compliance so you can avoid paying excise taxes
  • Why plan sponsors and administrators should regularly review plan distributions 

Episode resources

]]> Mon, 2 Oct 2023 04:00:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/keeping-up-with-401k-compliance-requirements-EUYOGaUe 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 fiduciaries
  • The importance of obtaining a fidelity bond, also known as an ERISA bond, even if a third-party administrator says it’s not necessary
  • Discrimination testing best practices to ensure timely compliance so you can avoid paying excise taxes
  • Why plan sponsors and administrators should regularly review plan distributions 

Episode resources

]]> Keeping up with 401(k) Compliance Requirements Kim Moore, Karen Hill 00:49:45 As the year-end and the final Form 5500 deadline approaches, 401(k) plan administrators and sponsors should take this time to review their plan documents to ensure their continued compliance with ERISA, Department of Labor and IRS compliance requirements. Neglecting to secure a Fidelity Bond, failing discrimination testing, making errors on your Form 5500 and other compliance mistakes can lead to hefty fines you could be deemed personally liable for if they negatively impact participants in the plan. Reviewing these common 401(k) plan missteps can help you identify compliance issues within your own plan before they negatively impact plan participants. As the year-end and the final Form 5500 deadline approaches, 401(k) plan administrators and sponsors should take this time to review their plan documents to ensure their continued compliance with ERISA, Department of Labor and IRS compliance requirements. Neglecting to secure a Fidelity Bond, failing discrimination testing, making errors on your Form 5500 and other compliance mistakes can lead to hefty fines you could be deemed personally liable for if they negatively impact participants in the plan. Reviewing these common 401(k) plan missteps can help you identify compliance issues within your own plan before they negatively impact plan participants. 401(k) plan sponsor, 401(k) plan audit, 401(k) plan compliance, 401(k) plan administrator false full 36 07263145-3c3d-437c-b033-d77f7ac63ad9 Is Your 401(k) Plan Protected from 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/ 

“[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 provider
  • The Department of Labor may ask about your company’s cybersecurity protections during unrelated visits to test your readiness
  • Documenting 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 protected
  • ERISA 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 resources

]]> Thu, 29 Jun 2023 04:00:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/is-your-401k-plan-protected-from-cyber-threats-9vus8V9j 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 provider
  • The Department of Labor may ask about your company’s cybersecurity protections during unrelated visits to test your readiness
  • Documenting 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 protected
  • ERISA 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 resources

]]> Is Your 401(k) Plan Protected from Cyber Threats? Kim Moore, Karen Hill 00:38:32 After a surge in the number of cyber-attacks on businesses, most have changed the way they utilize cybersecurity protections. Has your 401(k) plan done the same? To ensure your plan, assets and participants remain safe from cyber criminals and fraudsters seeking to exploit security vulnerabilities in your system, complete annual risk assessments, review internal and customer controls, and invest in an insurance plan before a breach occurs. As a plan sponsor, doing so is your fiduciary duty. Failure to do so can result in costly court battles that you’re unlikely to win. After a surge in the number of cyber-attacks on businesses, most have changed the way they utilize cybersecurity protections. Has your 401(k) plan done the same? To ensure your plan, assets and participants remain safe from cyber criminals and fraudsters seeking to exploit security vulnerabilities in your system, complete annual risk assessments, review internal and customer controls, and invest in an insurance plan before a breach occurs. As a plan sponsor, doing so is your fiduciary duty. Failure to do so can result in costly court battles that you’re unlikely to win. 401(k) plan, 401(k) plan audit, cybersecurity false full 35 d94c7dda-fe73-435d-93fb-c8767f3913fd Filing Form 5500 – Tips and Tricks 401(k) Plan Sponsors Must Know 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 deadlines
  • A breakdown of the different schedules and how they apply to 401(k) plans
  • Tips for avoiding penalties and fees caused by inaccuracies on your Form 5500
  • Instructions on how to work with a third-party service provider to keep the process moving forward

Episode resources

]]> Thu, 18 May 2023 04:00:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/filing-form-5500-tips-and-tricks-401k-plan-sponsors-BQDL6gQP 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 deadlines
  • A breakdown of the different schedules and how they apply to 401(k) plans
  • Tips for avoiding penalties and fees caused by inaccuracies on your Form 5500
  • Instructions on how to work with a third-party service provider to keep the process moving forward

Episode resources

]]> Filing Form 5500 – Tips and Tricks 401(k) Plan Sponsors Must Know Kim Moore, Karen Hill 00:42:40 Filing Form 5500 correctly and on time is imperative for 401(k) plan sponsors or administrators. Inaccuracies or missed deadlines can result in penalties and other fines. First-time filers may also be curious about which schedule applies to their plan and how they can ensure they’ve selected the correct option. Director and 401(k) Audit Practice Leader Kim Moore and Audit and Assurance Manager Karen Hill give an overview of Form 5500, important deadlines to keep in mind and other tips for ensuring the all-important tax document is able to be filed on schedule. Filing Form 5500 correctly and on time is imperative for 401(k) plan sponsors or administrators. Inaccuracies or missed deadlines can result in penalties and other fines. First-time filers may also be curious about which schedule applies to their plan and how they can ensure they’ve selected the correct option. Director and 401(k) Audit Practice Leader Kim Moore and Audit and Assurance Manager Karen Hill give an overview of Form 5500, important deadlines to keep in mind and other tips for ensuring the all-important tax document is able to be filed on schedule. 401(k) plan sponsor, 401(k) plan audit, form 5500, 401(k) plan administrator false full 34 56c8cc56-dfe4-41c2-a570-40ecbe4ad4bc So You Just Found Out You Need A 401(k) Plan Audit, What's Next? 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 qualifications
  • The differences between billing and pricing methods used by auditing firms
  • Resources to use to find a qualified auditor
  • Deciding between a local auditor and a remote firm, plus the benefits and costs to both options

Episode resources

]]> Fri, 10 Feb 2023 17:00:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/so-you-just-found-out-you-need-a-401k-plan-audit-what-next-0OF_rEzA 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 qualifications
  • The differences between billing and pricing methods used by auditing firms
  • Resources to use to find a qualified auditor
  • Deciding between a local auditor and a remote firm, plus the benefits and costs to both options

Episode resources

]]> So You Just Found Out You Need A 401(k) Plan Audit, What's Next? Kim Moore, Karen Hill 00:37:57 By now, companies who have reached the 80-120 employee benchmark have learned that they will need a 401(k) plan audit this year, but they may not have a solid idea of what steps come next in the process. Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill detail what plan sponsors need to do and when, plus advice on how to make sure you find an auditor qualified to take on highly technical and regulated employee benefit plan audits. By now, companies who have reached the 80-120 employee benchmark have learned that they will need a 401(k) plan audit this year, but they may not have a solid idea of what steps come next in the process. Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill detail what plan sponsors need to do and when, plus advice on how to make sure you find an auditor qualified to take on highly technical and regulated employee benefit plan audits. employee benefit plan audit, 401(k) plan auditor, 401(k) plan audit, 401(k) audit false full 33 9eecb74a-725e-46b0-bc18-b93aabb61aad Key Tips to Keep Your First 401(k) Plan Audit on Track 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 audit
  • Important timing considerations to understand before beginning your audit to avoid costly delays
  • How best to prepare necessary documents in time for the audit to maximize efficiency

Episode resources

]]> Mon, 12 Dec 2022 05:00:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/key-tips-to-keep-your-first-401k-plan-audit-on-track-2yX_tkHN 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 audit
  • Important timing considerations to understand before beginning your audit to avoid costly delays
  • How best to prepare necessary documents in time for the audit to maximize efficiency

Episode resources

]]> Key Tips to Keep Your First 401(k) Plan Audit on Track Kim Moore, Karen Hill 00:32:56 Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill share guidance for 401(k) plan sponsor’s first audit and key advice to ensure a successful audit with minimal delays. First time audits can be difficult to manage without prior experience, and typically take much longer than subsequent audits, but key advice from Kim and Karen can help keep plan administrators organized and prepared. Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill share guidance for 401(k) plan sponsor’s first audit and key advice to ensure a successful audit with minimal delays. First time audits can be difficult to manage without prior experience, and typically take much longer than subsequent audits, but key advice from Kim and Karen can help keep plan administrators organized and prepared. 401(k) plans, 401(k) plan audits false full 32 d469f2be-1e86-4a82-b019-9f15e99b1165 Final Year-End Preparations for 401(k) Plan Sponsors 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 testing
  • What triggers the need for your first 401(k) audit and details to help you prepare
  • Why “compliance calendars” are absolutely critical to run a plan as smoothly as possible despite how overwhelming it may initially feel

Episode resources

]]> Tue, 1 Nov 2022 04:00:00 +0000 kmoore@anderscpa.com (Kim Moore, Karen Hill) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/final-year-end-preparations-for-401k-plan-sponsors-01hJ8YRY 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 testing
  • What triggers the need for your first 401(k) audit and details to help you prepare
  • Why “compliance calendars” are absolutely critical to run a plan as smoothly as possible despite how overwhelming it may initially feel

Episode resources

]]> Final Year-End Preparations for 401(k) Plan Sponsors Kim Moore, Karen Hill 00:36:28 With 2023 on the horizon, our Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill discussed end-of-year activities that 401(k) plan sponsors/administrators should be doing to prepare for the upcoming year. These tips will help plan sponsors stay organized and avoid going into compliance or otherwise opening your organization up to potential late penalties and fees. With 2023 on the horizon, our Director + 401(k) Audit Kim Moore and Manager + 401(k) Karen Hill discussed end-of-year activities that 401(k) plan sponsors/administrators should be doing to prepare for the upcoming year. These tips will help plan sponsors stay organized and avoid going into compliance or otherwise opening your organization up to potential late penalties and fees. 401(k) plan sponsor, year-end business planning, 401(k) audit false full 31 110ebc8e-0d6d-4030-9e44-fd6be0629983 Simple Steps to Ensure a Speedy 401(k) Audit 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 process
  • Importance of working with an auditor on missing paperwork
  • The role of a third-party provider on the audit process
]]> Mon, 26 Sep 2022 16:00:00 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/simple-steps-to-ensure-a-speedy-401k-audit-Vq6UYBc0 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 process
  • Importance of working with an auditor on missing paperwork
  • The role of a third-party provider on the audit process
]]> Simple Steps to Ensure a Speedy 401(k) Audit Anders CPAs + Advisors 00:34:12 In this episode our Director of Audit, Kim Moore, sits down with Karen Hill, our 401(k) Senior Auditor to talk the upcoming October 15 deadline and how plan sponsors can try to speed up their audit process. Kim and Karen will discuss common roadblocks and mistakes that can trip companies up and share some tips to keep the process running smoothly and efficiently. In this episode our Director of Audit, Kim Moore, sits down with Karen Hill, our 401(k) Senior Auditor to talk the upcoming October 15 deadline and how plan sponsors can try to speed up their audit process. Kim and Karen will discuss common roadblocks and mistakes that can trip companies up and share some tips to keep the process running smoothly and efficiently. false full 30 9b13d467-4ec6-4689-8b4c-f79e60d5dd93 The Secure Act 2.0 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 explained
  • Qualifications and requirements that participants and plan sponsors need to know
  • What does this mean for younger professionals? for part-time employees? for employers?

Episode resources

]]> Thu, 30 Jun 2022 20:25:38 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/secure-act-20-pyU9RH9D 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 explained
  • Qualifications and requirements that participants and plan sponsors need to know
  • What does this mean for younger professionals? for part-time employees? for employers?

Episode resources

]]> The Secure Act 2.0 Anders CPAs + Advisors 00:37:40 In this episode our Director of Audit, Kim Moore, sits down with Karen Hill, our 401(k) Senior Auditor talk about the Secure Act 2.0 and the latest updates as the bill is now for the Senate's approval. Kim and Karen will discuss the major provisions of the Secure Act 2.0 and its implications for 401k plan participants and plan sponsors. In this episode our Director of Audit, Kim Moore, sits down with Karen Hill, our 401(k) Senior Auditor talk about the Secure Act 2.0 and the latest updates as the bill is now for the Senate's approval. Kim and Karen will discuss the major provisions of the Secure Act 2.0 and its implications for 401k plan participants and plan sponsors. false full 29 6655ab13-909c-457b-abf5-acd399f37cc7 Summit CPA has joined Anders 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 Henson

In 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 resources

]]> Thu, 26 May 2022 20:23:44 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/summit-cpa-has-joined-anders-Yu2FESmB 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 Henson

In 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 resources

]]> Summit CPA has joined Anders Anders CPAs + Advisors 00:25:33 Have you heard the news? Last April 1, 2022, Summit CPA officially joined Anders CPAs + Advisors (Anders) with a vision to achieve their highest potential together. Anders is a Top 100 St. Louis-based CPA and advisory firm that has delivered full-service accounting, tax, audit, and advisory services to growth-oriented companies, organizations, and individuals for more than 55 years. In this special episode, our Director of Accounting, Jamie Nau interviews Mark Hinsen, Partner and Director + Audit and Assurance at Anders and Kim Moore, our Director of Audit to talk about the recent merger and how it will affect the audit department, services provided, and clients. Have you heard the news? Last April 1, 2022, Summit CPA officially joined Anders CPAs + Advisors (Anders) with a vision to achieve their highest potential together. Anders is a Top 100 St. Louis-based CPA and advisory firm that has delivered full-service accounting, tax, audit, and advisory services to growth-oriented companies, organizations, and individuals for more than 55 years. In this special episode, our Director of Accounting, Jamie Nau interviews Mark Hinsen, Partner and Director + Audit and Assurance at Anders and Kim Moore, our Director of Audit to talk about the recent merger and how it will affect the audit department, services provided, and clients. false full 28 b4935fd4-5697-44aa-89b5-5830cd447b6c Building Stronger Relationships with your 401k Auditor 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 auditor
  • Important documentation to prepare and important discussions to have
  • What to expect to avoid miscommunication

Episode resources

]]> Tue, 15 Mar 2022 00:42:39 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/building-stronger-relationships-with-your-401k-auditor-0I4cARkP 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 auditor
  • Important documentation to prepare and important discussions to have
  • What to expect to avoid miscommunication

Episode resources

]]> Building Stronger Relationships with your 401k Auditor Anders CPAs + Advisors 00:28:31 In today's episode, Kim Moore, Summit CPA's Director of Auditing will be our host together with Karen Hill, Summit CPA Group's 401(k) Senior Auditor to talk about a situation that we often see on the operations floor - misunderstandings and tension between the auditor and the company being audited. Knowing how you can interact and communicate better with your 401k Auditor can help avoid several unnecessary conflict and wasted energies. We will be sharing tips and tricks of the trade that can help make the audit smoother for everybody. In today's episode, Kim Moore, Summit CPA's Director of Auditing will be our host together with Karen Hill, Summit CPA Group's 401(k) Senior Auditor to talk about a situation that we often see on the operations floor - misunderstandings and tension between the auditor and the company being audited. Knowing how you can interact and communicate better with your 401k Auditor can help avoid several unnecessary conflict and wasted energies. We will be sharing tips and tricks of the trade that can help make the audit smoother for everybody. false full 27 35eac99f-07bd-4c67-bd9b-6d6ab79dcf6b Auditminer With Kelly Mann 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 updates
  • How much time savings do clients get when using AuditMiner?

Episode resources

]]> Mon, 7 Feb 2022 14:00:00 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/auditminer-with-kelly-mann-_A8GxsnI 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 updates
  • How much time savings do clients get when using AuditMiner?

Episode resources

]]> Auditminer With Kelly Mann Anders CPAs + Advisors 00:36:13 AuditMiner is an online B2B SaaS tool that streamlines the employee benefit plan audit. In today's episode, Kim Moore, Summit CPA's Director of Auditing will be our host together with Karen Hill, Summit CPA Group's 401(k) Senior Auditor to interview our guest Kelly Mann, Co-Founder of AuditMiner to discuss how this tool benefits CPA firms conducting 401(k) audits. AuditMiner is an online B2B SaaS tool that streamlines the employee benefit plan audit. In today's episode, Kim Moore, Summit CPA's Director of Auditing will be our host together with Karen Hill, Summit CPA Group's 401(k) Senior Auditor to interview our guest Kelly Mann, Co-Founder of AuditMiner to discuss how this tool benefits CPA firms conducting 401(k) audits. false full 26 056abd53-a25d-4b93-8b9f-b7cbb056e462 SAS 136 Revisit 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 auditors
  • Things to consider when determining what audit you need
  • What you need to prepare with your service providers if you are a plan sponsor
     

Episode resources

]]> Tue, 11 Jan 2022 16:08:00 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/sas-136-revisit-bzkz2mu3 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 auditors
  • Things to consider when determining what audit you need
  • What you need to prepare with your service providers if you are a plan sponsor
     

Episode resources

]]> SAS 136 Revisit Anders CPAs + Advisors 00:34:55 We've discussed SAS 136 very briefly in the past, but this audit season we share what this would mean for 401(k) plan sponsors and auditors. In this episode, our host and Summit CPA's Director of Accounting/Virtual CFO, Jamie Nau together with Kim Moore Summit CPA's Director of Auditing and 401(k) Senior Auditor, Karen Hill revisit and dive deeper into the new Statement on Audit Standards 136. We've discussed SAS 136 very briefly in the past, but this audit season we share what this would mean for 401(k) plan sponsors and auditors. In this episode, our host and Summit CPA's Director of Accounting/Virtual CFO, Jamie Nau together with Kim Moore Summit CPA's Director of Auditing and 401(k) Senior Auditor, Karen Hill revisit and dive deeper into the new Statement on Audit Standards 136. false full 25 fb28185c-8beb-438f-8aed-fdb1c46fd033 Twelve Days of a 401k Plan Christmas 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 Moore

The finer details in this episode:

  • What you should consider for your 401k plan in preparation for 2022
  • What you can do to take action
  • Examples and reminders for plan administrations
  • The importance of communication and documentation 
     

Episode resources

]]> Wed, 15 Dec 2021 22:59:26 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/twelve-days-of-a-401k-plan-christmas-1f_o326H 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 Moore

The finer details in this episode:

  • What you should consider for your 401k plan in preparation for 2022
  • What you can do to take action
  • Examples and reminders for plan administrations
  • The importance of communication and documentation 
     

Episode resources

]]> Twelve Days of a 401k Plan Christmas Anders CPAs + Advisors 00:31:28 In this special holiday episode, our host and Summit CPA's Director of Accounting/Virtual CFO, Jamie Nau together with Kim Moore Summit CPA's Director of Auditing and 401(k) Senior Auditor, Karen Hill are coming just in time for the holidays - (whichever one you celebrate) with twelve (12) gifts for you! They give the popular "12 Days of Christmas" a creative spin by giving you twelve (12) things you should think about and prepare for your 401(k) plan going into 2022. In this special holiday episode, our host and Summit CPA's Director of Accounting/Virtual CFO, Jamie Nau together with Kim Moore Summit CPA's Director of Auditing and 401(k) Senior Auditor, Karen Hill are coming just in time for the holidays - (whichever one you celebrate) with twelve (12) gifts for you! They give the popular "12 Days of Christmas" a creative spin by giving you twelve (12) things you should think about and prepare for your 401(k) plan going into 2022. false full 24 d662851a-df45-42df-93e7-54ea5c098d96 The Great Resignation 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 Grunden

The 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 resources

]]> Wed, 10 Nov 2021 02:50:01 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/the-great-resignation-puTqJsT_ 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 Grunden

The 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 resources

]]> The Great Resignation Anders CPAs + Advisors 00:29:15 What is the global phenomenon called "The Great Resignation"? What is happening in the current labor force that is affecting companies in various industries? In this episode with Jody Grunden and our People Operations Strategist, Josh Jeans we will address this phenomenon and lay out practical steps a company can consider to take this employee retention and hiring challenge head-on. What is the global phenomenon called "The Great Resignation"? What is happening in the current labor force that is affecting companies in various industries? In this episode with Jody Grunden and our People Operations Strategist, Josh Jeans we will address this phenomenon and lay out practical steps a company can consider to take this employee retention and hiring challenge head-on. false full 23 dc940be6-681b-44c7-8b2c-8d6273c759b4 Open Enrollment: How to Get Employees Jump Into Your 401(k) Plan 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 Moore

The 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 communicate
  • What you need to consider before doing open enrollment
     

Episode resources

]]> Thu, 7 Oct 2021 21:58:40 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/open-enrollment-how-to-get-employees-jump-into-your-401k-plan-AfPHW9Q_ 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 Moore

The 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 communicate
  • What you need to consider before doing open enrollment
     

Episode resources

]]> Open Enrollment: How to Get Employees Jump Into Your 401(k) Plan Anders CPAs + Advisors 00:28:59 In this episode, Jamie Nau sits down with Kimberly Moore to talk about a timely issue since it is close to the time for open enrollment and annual enrollment for employees. We will share strategies old and new that can influence your employees enroll into your 401k Plan while highlighting the importance of communication in bridging the gap between the company and its employees to discuss about 401k Plans. In this episode, Jamie Nau sits down with Kimberly Moore to talk about a timely issue since it is close to the time for open enrollment and annual enrollment for employees. We will share strategies old and new that can influence your employees enroll into your 401k Plan while highlighting the importance of communication in bridging the gap between the company and its employees to discuss about 401k Plans. false full 22 b43ab296-c371-45e2-9b5b-1d8e28f4e26b Deep Dive on 401k Plan Audit Pricing 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 Moore

The finer details in this episode:

  • Why choosing the cheaper service provider is not always better in audit
  • Setting expectations and defining the value of a 401k Plan Audit
  • How Summit CPA is pricing their 401k Plan audit services
  • What to consider and what questions to ask auditors

Episode resources

]]> Fri, 3 Sep 2021 19:15:20 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/deep-dive-on-401k-plan-audit-pricing-lAkr0yAX 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 Moore

The finer details in this episode:

  • Why choosing the cheaper service provider is not always better in audit
  • Setting expectations and defining the value of a 401k Plan Audit
  • How Summit CPA is pricing their 401k Plan audit services
  • What to consider and what questions to ask auditors

Episode resources

]]> Deep Dive on 401k Plan Audit Pricing Anders CPAs + Advisors 00:33:07 Unlike any other audit, 401k Plan audit is its own unique specialization they are very technical and the rules that govern them are changing all the time. As a 401k Plan Administrator you need to make sure you're staying compliant with the current regulations and that you get the value of what you pay for according to your business needs. In this episode, Jamie Nau sits down with Kimberly Moore to talk about 401k audit pricing and what you can expect from the pricing process. Unlike any other audit, 401k Plan audit is its own unique specialization they are very technical and the rules that govern them are changing all the time. As a 401k Plan Administrator you need to make sure you're staying compliant with the current regulations and that you get the value of what you pay for according to your business needs. In this episode, Jamie Nau sits down with Kimberly Moore to talk about 401k audit pricing and what you can expect from the pricing process. false full 21 8fec1de7-6c0a-423c-a7a7-62668dbb506a What You Need to Consider When Selecting a 401k Provider 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 price
  • What questions to ask to CPA firms to qualify them
  • What is a peer review? Why you'd want to look for a copy of this
  • Client referrals and the right questions to ask them

Episode resources

]]> Mon, 9 Aug 2021 14:18:30 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/what-you-need-to-consider-when-selecting-a-401k-provider-9BOklo4B 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 price
  • What questions to ask to CPA firms to qualify them
  • What is a peer review? Why you'd want to look for a copy of this
  • Client referrals and the right questions to ask them

Episode resources

]]> What You Need to Consider When Selecting a 401k Provider Anders CPAs + Advisors 00:34:35 Knowing the right questions to ask can make a really big difference for you when you are looking for a 401k Audit service provider. In this episode, Jamie Nau sits down with Kimberly Moore and Karen Hill to discuss all you need to know and consider when selecting your 401k provider. Knowing the right questions to ask can make a really big difference for you when you are looking for a 401k Audit service provider. In this episode, Jamie Nau sits down with Kimberly Moore and Karen Hill to discuss all you need to know and consider when selecting your 401k provider. false full 20 ca974d60-7ccf-4c16-bf0a-07eff97fcc1b Working for a Virtual Audit Firm with Chasity Price and Lauren Van Wyngarden 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 experiences
  • Understanding different kinds of audits
  • What working remotely is like for them and the identifying challenges of working remotely
  • What are their key learning experiences with Summit CPA

Episode resources

]]> Fri, 9 Jul 2021 17:39:46 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/working-for-a-virtual-audit-firm-with-chasity-price-and-lauren-van-wyngarden-lYfApHSA 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 experiences
  • Understanding different kinds of audits
  • What working remotely is like for them and the identifying challenges of working remotely
  • What are their key learning experiences with Summit CPA

Episode resources

]]> Working for a Virtual Audit Firm with Chasity Price and Lauren Van Wyngarden Anders CPAs + Advisors 00:31:45 We're taking a little breather from the heavy topics such as cyber security and legal implications for today. In this episode we are sitting down with Kim Moore, Chasity Price and Lauren Van Wyngarden from our 401K Audit Team to talk about their experience working and interning at Summit CPA Group. We're taking a little breather from the heavy topics such as cyber security and legal implications for today. In this episode we are sitting down with Kim Moore, Chasity Price and Lauren Van Wyngarden from our 401K Audit Team to talk about their experience working and interning at Summit CPA Group. false full 19 8ed0e383-6ec6-47b6-a761-c13baa05ec3b What You Need to Know About Cyber Security for 401k Plans 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 government
  • Importance of cyber security
  • What you should watch out for to avoid cyber security attacks
  • What steps you need to take to protect your business and your clients information

 

Episode resources

]]> Tue, 8 Jun 2021 04:00:00 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/what-you-need-to-know-about-cyber-security-for-401k-plans-pJXQPuL8 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 government
  • Importance of cyber security
  • What you should watch out for to avoid cyber security attacks
  • What steps you need to take to protect your business and your clients information

 

Episode resources

]]> What You Need to Know About Cyber Security for 401k Plans Anders CPAs + Advisors 00:32:27 As technology continues to evolve, businesses should make cyber security a priority. Our tools and processes become smarter as technology improves but so does the attempts of hackers. This poses a big threat to the sensitive information that businesses currently have in their possession. Today, Jamie Nau sits down with Kim Moore for a deep dive about cyber security, and the ways in which 401k plan administrators can protect their clients from cyber threats. As technology continues to evolve, businesses should make cyber security a priority. Our tools and processes become smarter as technology improves but so does the attempts of hackers. This poses a big threat to the sensitive information that businesses currently have in their possession. Today, Jamie Nau sits down with Kim Moore for a deep dive about cyber security, and the ways in which 401k plan administrators can protect their clients from cyber threats. false full 18 888b2414-9d97-435b-bf12-546e600bf1de What Does The Secure Act 2.0 Mean For You? 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 2.0
  • Deep dive on the changes in the Secure Act
  • Impact of Secure Act 2.0 to 401k Plans
  • What do you need to do to prepare for the new legislation?

 

Episode resources

]]> Thu, 6 May 2021 19:53:46 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/what-does-the-secure-act-20-mean-for-you-c9pI38cX 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 2.0
  • Deep dive on the changes in the Secure Act
  • Impact of Secure Act 2.0 to 401k Plans
  • What do you need to do to prepare for the new legislation?

 

Episode resources

]]> What Does The Secure Act 2.0 Mean For You? Anders CPAs + Advisors 00:28:25 The Secure Act was passed in 2019 and while we discussed about this a year ago to enlighten our listeners about its impact to their businesses there is a revised version that is expected to pass this year a lot are talking about this to gain clarity of its implications. Today, Jamie Nau sits down with Kim Moore to talk about the Secure Act 2.0 and the key provisions that 401k Plan Administrators need to know about this legislation. The Secure Act was passed in 2019 and while we discussed about this a year ago to enlighten our listeners about its impact to their businesses there is a revised version that is expected to pass this year a lot are talking about this to gain clarity of its implications. Today, Jamie Nau sits down with Kim Moore to talk about the Secure Act 2.0 and the key provisions that 401k Plan Administrators need to know about this legislation. false full 17 a332ab1b-ac19-49d0-abc7-7fd03d52b887 Understanding 401(k) Plan Record Keepers 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 services
  • Things to consider when planning to switch service providers
  • Choosing which service provider to work with

 

Episode resources

]]> Fri, 9 Apr 2021 13:00:00 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/record-keepers-8KiddKIg 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 services
  • Things to consider when planning to switch service providers
  • Choosing which service provider to work with

 

Episode resources

]]> Understanding 401(k) Plan Record Keepers Anders CPAs + Advisors 00:28:25 Today, Jamie Nau sits down with Kim Moore to talk about record keepers and third party administrators. This episode gives light to one of the most common questions we get from our clients — "What should I consider when I plan to hire/switch service providers?", we will take a deep dive in to this and discuss all you need to know and consider as a 401k Plan administrator. Today, Jamie Nau sits down with Kim Moore to talk about record keepers and third party administrators. This episode gives light to one of the most common questions we get from our clients — "What should I consider when I plan to hire/switch service providers?", we will take a deep dive in to this and discuss all you need to know and consider as a 401k Plan administrator. false full 16 d94c8a04-18c3-480c-8075-9b8014c47e8e What Plan Sponsors Can do to Avoid 401(k) Plan Lawsuits 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 lawsuit
  • Understanding 401k plan lawsuit statistics and using this to asses your 401k plan
  • What can lawsuits cost you
  • What can you do as a 401k plan sponsor to avoid lawsuits
  • Main reasons of 401k related lawsuits
  • Tips a 401k plan sponsor can use to stay on top of 401k plans

 

Episode resources

]]> Thu, 4 Mar 2021 23:02:42 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/what-plan-sponsors-can-do-to-avoid-401k-plan-lawsuits-DusDX5fo 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 lawsuit
  • Understanding 401k plan lawsuit statistics and using this to asses your 401k plan
  • What can lawsuits cost you
  • What can you do as a 401k plan sponsor to avoid lawsuits
  • Main reasons of 401k related lawsuits
  • Tips a 401k plan sponsor can use to stay on top of 401k plans

 

Episode resources

]]> What Plan Sponsors Can do to Avoid 401(k) Plan Lawsuits Anders CPAs + Advisors 00:26:01 This topic may not sound as fun as our other episodes but this one is relevant and important for you and your company - lawsuits. Lawsuits are a lot of work, they take time, cost you money and are a lot of stress. Today, Jamie Nau sits down with Kim Moore to talk about lawsuits as it relates to the 401k plan. This episode will help you as a 401k plan sponsor to avoid lawsuits, and tell you where to look, and what to watch out for. This topic may not sound as fun as our other episodes but this one is relevant and important for you and your company - lawsuits. Lawsuits are a lot of work, they take time, cost you money and are a lot of stress. Today, Jamie Nau sits down with Kim Moore to talk about lawsuits as it relates to the 401k plan. This episode will help you as a 401k plan sponsor to avoid lawsuits, and tell you where to look, and what to watch out for. false full 15 62cbb17f-90e3-4180-a7e4-4a2752309a17 Planning for Retirement 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 important
  • Where to start your retirement planning
  • Understanding your needs and what you want to achieve for your retirement plan
  • Tips on managing your retirement plan

 

Episode resources

]]> Mon, 8 Feb 2021 16:37:36 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/planning-for-retirement-Ww6sdB1y 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 important
  • Where to start your retirement planning
  • Understanding your needs and what you want to achieve for your retirement plan
  • Tips on managing your retirement plan

 

Episode resources

]]> Planning for Retirement Anders CPAs + Advisors 00:26:21 Today, Jamie Nau sits down with Kim Moore to talk about one of the most asked question, which is "What should I do so I could plan for my retirement?". Answering this question not just from the perspective of a plan sponsor but also from an individual's perspective focusing primarily on the 401k aspect of your retirement plan. Today, Jamie Nau sits down with Kim Moore to talk about one of the most asked question, which is "What should I do so I could plan for my retirement?". Answering this question not just from the perspective of a plan sponsor but also from an individual's perspective focusing primarily on the 401k aspect of your retirement plan. false full 14 d9903413-a241-4ece-86a5-84c48d932f57 401K Trends with David Ramirez 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 space
  • Communications with current and past employees due to the decline in the economy
  • Things you can do to help your employees get through the current economic hardship
  • Core advice for employees on their 401k plan
  • Why it might not be rational for some of your employees to join your 401k plan
  • Fees associated with the 401k plans

 

Episode resources

]]> Fri, 6 Nov 2020 04:50:52 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/401k-trends-with-david-ramirez-KZHdBqru 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 space
  • Communications with current and past employees due to the decline in the economy
  • Things you can do to help your employees get through the current economic hardship
  • Core advice for employees on their 401k plan
  • Why it might not be rational for some of your employees to join your 401k plan
  • Fees associated with the 401k plans

 

Episode resources

]]> 401K Trends with David Ramirez Anders CPAs + Advisors 00:28:56 In this episode, Jamie Nau sits down with Kim Moore and David Ramirez from For Us All. We talk about current trends related to 401k plans during COVID-19 and the economic decline and things you can do in your business to respond within your 401k plan. We also talk about advice for employees and what you can do as an employer to support your employees on their 401k plan. In this episode, Jamie Nau sits down with Kim Moore and David Ramirez from For Us All. We talk about current trends related to 401k plans during COVID-19 and the economic decline and things you can do in your business to respond within your 401k plan. We also talk about advice for employees and what you can do as an employer to support your employees on their 401k plan. false full 13 15df945a-ccf6-4343-9af1-01f1d3f52daa 401K Related Penalties 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 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 resources

]]> Tue, 6 Oct 2020 04:21:47 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/401k-related-penalties-hffpaHcS 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 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 resources

]]> 401K Related Penalties Anders CPAs + Advisors 00:30:43 In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about fines and penalties that are associated with 401k plans. We get a lot of questions about this topic at Summit CPA, and it’s extremely important information to have, especially as we get close to the 5500 deadline. Listen to learn about how you can ensure your business is following all of the rules and regulations with its 401k plan. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about fines and penalties that are associated with 401k plans. We get a lot of questions about this topic at Summit CPA, and it’s extremely important information to have, especially as we get close to the 5500 deadline. Listen to learn about how you can ensure your business is following all of the rules and regulations with its 401k plan. false full 12 2368a454-fc8f-4930-b882-a299e93db2c2 Implementing Auto-Enrollment Into Your Company’s 401k Plan 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 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 resources

]]> Thu, 10 Sep 2020 00:49:12 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/auto-enrollment-q4NH13Zw 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 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 resources

]]> Implementing Auto-Enrollment Into Your Company’s 401k Plan Anders CPAs + Advisors 00:27:26 In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about auto-enrollment. Auto-enrollment is when you require your employees to enter the 401k plan once they meet certain requirements. They don’t have to do anything in order to be enrolled. It happens automatically unless they take steps to decline enrollment. Listen to learn about how and why you would implement this into your company’s 401k plan. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about auto-enrollment. Auto-enrollment is when you require your employees to enter the 401k plan once they meet certain requirements. They don’t have to do anything in order to be enrolled. It happens automatically unless they take steps to decline enrollment. Listen to learn about how and why you would implement this into your company’s 401k plan. false full 11 b0111160-7c97-4091-9e27-416dfadf504f Filing Form 5500 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 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 5500
  • What to do if you can’t make the deadline

 

Episode resources

]]> Fri, 31 Jul 2020 08:48:29 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/filing-form-5500-7hv7Ooog 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 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 5500
  • What to do if you can’t make the deadline

 

Episode resources

]]> Filing Form 5500 Anders CPAs + Advisors 00:29:25 In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about the Form 5500. The Form 5500 is going to be due soon. It’s a tax form that provides information to the IRS and the Department of Labor about your 401k plan. Listen to learn everything you need to know about the procedures and requirements of filing it. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about the Form 5500. The Form 5500 is going to be due soon. It’s a tax form that provides information to the IRS and the Department of Labor about your 401k plan. Listen to learn everything you need to know about the procedures and requirements of filing it. false full 10 48089a5b-66be-4d09-83f5-a7131ddcf235 How 401(k) Audits Are Being Impacted By The COVID-19 Pandemic 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 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 resources

]]> Wed, 17 Jun 2020 03:17:33 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/how-401k-audits-covid-19-pandemic-9CrgPzsl 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 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 resources

]]> How 401(k) Audits Are Being Impacted By The COVID-19 Pandemic Anders CPAs + Advisors 00:24:26 In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about how COVID-19 is affecting 401(k) audits. You wouldn’t think that the pandemic would have much of an effect on your audit. However, many CPA firms are overwhelmed right now just trying to support the basic business of their clients who are facing a variety of challenging situations. As a result, 401(k) audits are falling low on the priority list. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about how COVID-19 is affecting 401(k) audits. You wouldn’t think that the pandemic would have much of an effect on your audit. However, many CPA firms are overwhelmed right now just trying to support the basic business of their clients who are facing a variety of challenging situations. As a result, 401(k) audits are falling low on the priority list. false full 9 7e10e77a-cd10-4155-b083-d211a28d9a41 Common Errors in 401K Audits [Part 2] 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 plan
  • What 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 resources

]]> Fri, 15 May 2020 05:00:25 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/common-errors-in-401k-audits-part-2-Wxp6hFOH 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 plan
  • What 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 resources

]]> Common Errors in 401K Audits [Part 2] Anders CPAs + Advisors 00:24:02 Last month we talked about the most common findings in 401k audits. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to continue the conversation. Even if you don’t need an audit, this episode will help you to be aware of anything you need to know if you provide a 401k plan for your employees. Last month we talked about the most common findings in 401k audits. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to continue the conversation. Even if you don’t need an audit, this episode will help you to be aware of anything you need to know if you provide a 401k plan for your employees. false full 8 6361b48d-14be-4dd2-8460-45dad2025095 Common errors in 401K Audits [Part 1] 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 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 resources

]]> Mon, 13 Apr 2020 12:00:17 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/common-errors-401k-audits-CD6h9_SC 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 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 resources

]]> Common errors in 401K Audits [Part 1] Anders CPAs + Advisors 00:27:44 This is part one of a two part series on the types of errors that happen during 401k audits. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about compensation and contribution errors. Even if you don’t need an audit, this episode will help you to be aware of anything you need to know if you provide a 401k plan for your employees. This is part one of a two part series on the types of errors that happen during 401k audits. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director, to talk about compensation and contribution errors. Even if you don’t need an audit, this episode will help you to be aware of anything you need to know if you provide a 401k plan for your employees. false full 7 723c7691-f896-454f-a4e4-d66e3095cbf2 SAS 136 - Audit Report Update 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 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 resources

]]> Tue, 17 Mar 2020 12:00:18 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/sas-136-audit-report-update-lo_I81aa 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 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 resources

]]> SAS 136 - Audit Report Update Anders CPAs + Advisors 00:25:50 In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to discuss a new audit standard that will be approved for the upcoming year. SAS (Statement on Audit Standards) number 136 makes some changes to the audit opinion letter that gets issued to you by the auditor. Most auditors are already complying with these new regulations, but if you don’t do a lot of audits, there may be some changes that you need to make. So in this episode, we will go through everything you need to know as a plan sponsor once this new standard is implemented. In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to discuss a new audit standard that will be approved for the upcoming year. SAS (Statement on Audit Standards) number 136 makes some changes to the audit opinion letter that gets issued to you by the auditor. Most auditors are already complying with these new regulations, but if you don’t do a lot of audits, there may be some changes that you need to make. So in this episode, we will go through everything you need to know as a plan sponsor once this new standard is implemented. false full 6 477d63a2-2b8e-4e15-b45b-02cd26387bfa The SECURE Act/Opinion Letter Changes 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 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 resources

]]> Mon, 17 Feb 2020 13:00:18 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/secure-act-opinion-letter-changes-43ZEVa70 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 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 resources

]]> The SECURE Act/Opinion Letter Changes Anders CPAs + Advisors 00:24:19 At the end of December, the SECURE Act was passed and went into law. There are some parts of it that are not in effect yet, but this is definitely something you need to know about if you are an employer that offers a 401k plan (or if you are considering it). In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to discuss what you need to know about the SECURE Act as a 401k plan sponsor. At the end of December, the SECURE Act was passed and went into law. There are some parts of it that are not in effect yet, but this is definitely something you need to know about if you are an employer that offers a 401k plan (or if you are considering it). In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to discuss what you need to know about the SECURE Act as a 401k plan sponsor. false full 5 c004e489-6193-4fa6-a17b-4358d7de9e96 Pricing For A 401k Audit 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 pricing
  • The difference between a fixed fee audit and a “time and materials” audit
  • The 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 resources

]]> Tue, 14 Jan 2020 18:07:55 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/pricing-401k-audit-2lra6Atm 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 pricing
  • The difference between a fixed fee audit and a “time and materials” audit
  • The 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 resources

]]> Pricing For A 401k Audit Anders CPAs + Advisors 00:26:09 One of the first questions you probably have about a 401k audit is “how much is this going to cost?” In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to talk about the pricing you can expect in a 401k audit and what you can expect from the pricing process. One of the first questions you probably have about a 401k audit is “how much is this going to cost?” In this episode, Jamie Nau sits down with Kim Moore, the Summit CPA audit director to talk about the pricing you can expect in a 401k audit and what you can expect from the pricing process. false full 4 4b816e0f-f78b-4465-be70-b0cce730fdba What to Expect from a 401k Audit 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 firm
  • The information you will have to provide to your auditor
  • How you can prepare for a 401k audit
  • The importance of asking questions and keeping a dialogue with your auditor
  • How to get organized before and during the audit
  • Why you should always keep your payroll data

 

Episode resources

]]> Sat, 21 Dec 2019 02:11:43 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/expect-401k-audit-qlKM_zfJ 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 firm
  • The information you will have to provide to your auditor
  • How you can prepare for a 401k audit
  • The importance of asking questions and keeping a dialogue with your auditor
  • How to get organized before and during the audit
  • Why you should always keep your payroll data

 

Episode resources

]]> What to Expect from a 401k Audit Anders CPAs + Advisors 00:29:05 A 401k plan is a benefit you are offering to your employees, so it probably isn’t obvious how to prepare for an audit and what to expect from the process. In this episode, Jamie Nau sits down with Kyle Tanaka to talk about the process you can expect the auditing firm to follow and how you can best work with your auditors through every stage. A 401k plan is a benefit you are offering to your employees, so it probably isn’t obvious how to prepare for an audit and what to expect from the process. In this episode, Jamie Nau sits down with Kyle Tanaka to talk about the process you can expect the auditing firm to follow and how you can best work with your auditors through every stage. false full 3 ba3fcd42-b4b8-4304-aab1-752fc96b4531 The key factors to look for when hiring an audit firm 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 Moore

The finer details of this episode

  • When 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 resources

]]> Tue, 12 Nov 2019 21:22:37 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/key-factors-kC6P_Bq9 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 Moore

The finer details of this episode

  • When 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 resources

]]> The key factors to look for when hiring an audit firm Anders CPAs + Advisors 00:30:33 Many business owners are seeking help and clarity when it comes to the audit process. While they may not know where to start, they know it’s time to get started in seeking out auditing professionals who can help. In this episode, Jamie Nau sits down with Kim Moore, director of auditing at Summit CPA, to shed some much-needed light on how the auditing process works and what you need to know to stay compliant. Many business owners are seeking help and clarity when it comes to the audit process. While they may not know where to start, they know it’s time to get started in seeking out auditing professionals who can help. In this episode, Jamie Nau sits down with Kim Moore, director of auditing at Summit CPA, to shed some much-needed light on how the auditing process works and what you need to know to stay compliant. false full 2 f1e453c4-4472-4008-9b7a-a040f7075b94 What companies must know before the 401(k) audit deadline 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 Moore

The finer details of this episode

  • Jody’s background and how Kim took over the 401(k) audit process
  • Kim’s background working in auditing
  • What level of audit experience does the team have?
  • The key things Kim focused on from the beginning
  • How does being a “virtual” firm effect the 401(k) audit process?
  • What to look for when hiring an auditor?

Episode resources

]]> Mon, 23 Sep 2019 18:05:42 +0000 kmoore@anderscpa.com (Anders CPAs + Advisors) https://the-401k-audit-cpa-success-show.simplecast.com/episodes/401k-audit-deadline-eCx2kHy4 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 Moore

The finer details of this episode

  • Jody’s background and how Kim took over the 401(k) audit process
  • Kim’s background working in auditing
  • What level of audit experience does the team have?
  • The key things Kim focused on from the beginning
  • How does being a “virtual” firm effect the 401(k) audit process?
  • What to look for when hiring an auditor?

Episode resources

]]> What companies must know before the 401(k) audit deadline Anders CPAs + Advisors 00:31:18 The 401(k) audit deadline is quickly approaching. If you’re a company with 100 or more employees, it’s time to kick your auditing into high gear to ensure you’ll make the deadline. In this episode, Jamie Nau chats with Kim Moore, director of auditing, and CEO Jody Grunden to discuss the audit process at Summit CPA and what companies can do to prepare for the upcoming audit deadline. The 401(k) audit deadline is quickly approaching. If you’re a company with 100 or more employees, it’s time to kick your auditing into high gear to ensure you’ll make the deadline. In this episode, Jamie Nau chats with Kim Moore, director of auditing, and CEO Jody Grunden to discuss the audit process at Summit CPA and what companies can do to prepare for the upcoming audit deadline. virtual cfo, 401k audit, outsource accounting, cpa, summit cpa false full 1