S E R V I C E S

Employee Benefit Plans

Our Employee Benefit Plan team provides timely, knowledgeable insights to help mitigate risks while also adhering to DOL audit regulations.

The Department of Labor (DOL) Employee Retirement Income Security Act (ERISA) regulations require an annual audit of certain employee benefit plans. The audit report is then filed with Form 5500 and submitted to the DOL.

Employee Benefit Plan audits have become increasingly complex due to changing regulations and financial reporting requirements. Your Employee Benefit Plan needs an audit team that has a thorough understanding of these filing requirements and complexities.

The BSB Employee Benefit Plan team is that team.

Employee Benefit Plan Audit Services
  • 401(k) plans
  • 403(b) plans
  • Profit sharing plans
  • Pension Plans
  • Safe Harbor 401(k) Plans
  • Multiple – Employer Plans
  • Prevailing Wage (Davis-Bacon) Plans
Additional Services
  • Documentation and explanation of operational compliance issues
  • Consultation on Correcting Identified Noncompliance Issues
  • DOL representation
  • AICPA Employee Benefit Plan Audit Guide-Based Work
  • Form 5500 filing
  • 401(k) CPE Opportunities

Leadership

Led by BSB Partner, Kevin Hamaker, our knowledge of generally accepted accounting principles combined with current ERISA requirements enables us to provide educated insights, to help mitigate risks while adhering to regulatory requirements. Our careful approach results in a timely audit and filing of Form 5500s with minimum stress.

Revisiting Eligibility for Small Business Taxpayer Exemptions

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“An exemption from UNICAP? And no limitation on the amount of business interest expense I can deduct? Sign me up!” Many taxpayers (and their tax return preparers) have eagerly embraced…

Complying with SECURE Act Changes to Long-Term Part-Time Employee Eligibility and IRS Form 5500

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Two significant regulatory changes to retirement plans require immediate attention from plan sponsors, both to ensure current operational compliance and to comply with upcoming deadlines. Many long-term, part-time (LTPT) employees…

Virginia Issues Final PTET Guidance for Tax Years 2022-2025 and Retroactive Guidance for Tax Year 2021

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On January 17, the Virginia Department of Taxation (DOT) issued final guidelines for the commonwealth’s pass-through entity tax (PTET) for tax years 2022 through 2025, and on March 4, it…

Treasury, IRS Release Final Regulations on Elective Pay Election for Energy Tax Credits

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The Department of the Treasury and the IRS on March 5 released final regulations (TD 9988) on the elective pay election for certain energy tax credits under IRC Section 6417,…