Deadlines are a large part of employee benefit plan administration. The past 12 – 18 months have contributed to potential confusion about standard deadlines and added new deadlines plan administrators will not want to overlook. During this period, the IRS created a one-time window deadline, published extensions for some plans’ deadlines, and other deadlines were
Form 5500
IRS Extends the Form 5500 Due Dates for Some Employee Benefit Plans
The Internal Revenue Service has broadened the filing and payment relief provided under prior guidance. IRS Notice 2020-23 postpones, among other relief, the due date for employee benefit plans required to make the Form 5500 series filings due on or after April 1, 2020, and before July 15, 2020. Plans with original due dates or…
THE AUDIT QUALITY REPORT FOR BENEFIT PLANS IS IN AND THE DOL IS NOT HAPPY
By Jackson Lewis P.C. on
The DOL’s Employee Benefits Security Administration (“EBSA”) recently completed its report on the quality of audit work performed on employee benefit plans by independent qualified public accountants (“IQPA”) and was not pleased with the results. EBSA reviewed a sample of the 81,000 audits completed as a part of each plan’s Annual Report/Form 5500 filing requirement…