Employee benefits audits – For companies with 100 or more participants in their benefit plans, we ensure our clients are compliant with federal mandates through yearly employee benefits audits.
- Efficient Audits of 401(k), 403(b) and defined benefit plan subject to ERISA
- Member of the Employee Benefit Plan Audit Quality Center
- Provide tax preparation services for the 5500 filing requirement
- Assistance with EBSA Delinquent Filer Voluntary Compliance Program
- Assistance with EBSA Voluntary Fiduciary Correction Program
Financial and compliance audits of employee benefit plans are highly specialized due to the extensive reporting requirements and stringent regulations imposed by the Department of Labor (DOL) and the Internal Revenue Service (IRS). Holmes & Swafford CPAs is a current member of the Employee Benefit Plan Audit Quality Center (EBPAQC) established by the American Institute of Certified Public Accountants (AICPA). Tim Holmes has been registered with the EBPAQC since their inception in 2004. The center was established to enable firms to increase the quality of their audits through peer review requirements and to provide specialized resources to the auditors.
Our auditors have experience auditing plans with as many as 5,000 participants and with net assets over 75 million in assets. We currently audit defined contribution and defined benefit plans in the Nashville, Tennessee metropolitan area as well as the Southeastern region. Those plans are composed of 401(k) and profit-sharing plans, pension plans and 403(b) plans. We also have experience auditing master trusts, cash balance plans, and health and welfare plans for Voluntary Employee Benefit Associations.
EBP team members annually attend seminars including the national conference on employee benefit plans sponsored by the AICPA to keep abreast of changing EBP requirements and issues. Our auditors have the experience and knowledge to perform a quality audit, quickly and efficiently.
In addition to providing audit services for employee benefits, we also:
Provide tax preparation services for the 5500 filing requirement and related schedules.
- Have assisted plan sponsors in filing under the “Delinquent Filer Voluntary Compliance Program” and the “Voluntary Fiduciary Correction Program” offered by the Employee Benefits Security Administration to resolve prohibited transactions and late filings quickly and cost effectively.
- Provide advice to help you streamline your reporting process and understand difficult ERISA and tax compliance issues, should they arise.
- Present an audit fee that is very competitive because we have tailored our audits to reduce time by using the latest computer technologies in tandem with our experience.
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