CLOSELY HELD + FAMILY BUSINESS
Employee Benefit Plans
Too often considered straightforward and routine, managing a benefit plan in accordance with a myriad of regulatory and professional requirements is anything but. And when things go wrong, you risk sizeable fines and a serious tax liability, along with a disqualified plan, disgruntled employees and personal fiduciary liabilities for your plan's fiduciaries and trustees.
According to the US Department of Labor, this happens all too frequently. For example, roughly one-third of all benefit plan audits are so seriously flawed that their sponsors are required to perform additional procedures or simply redo the entire audit.
Our professionals are skilled in providing audits for defined contribution plans, defined benefit plans and employee stock option plans (ESOPs), as well as accounting and business advisory services for these plans.
In addition to satisfying government requirements the first time, we can help you identify problem areas and troubled plans, and provide solutions before they result in significant sanctions.
We keep you informed of regulatory changes and other significant events that impact your plan. And in doing so, we minimize the potential risks, both financial and regulatory, to your plan and its trustees.
At Bader Martin, we excel in servicing the needs of employee benefit plans—including complex and troubled plans—at a competitive cost.
Benefit Plan Services
As a client of our benefit plan practice group, you'll benefit from services in the following categories:
Benefit Plan Advisory Services
- Consulting regarding overall plan design, efficiency and the out‑of‑pocket and after‑tax cost of specific provisions
- Evaluation of plan design to decrease audit exposure
- Advice regarding the impact of current DOL and IRS regulations on plan operations and administration
- Strategies to maximize retirement and other employee benefits for business owners, including automatic enrollment to increase participation
- Matching costs and benefits for former and current employees
- Advice regarding day-to-day administrative tasks for small plans without third-party administrators, including 1099R filing deadlines, income tax withholdings, and timelines for transferring participant deferrals
- Development of tools to avoid problems and simplify tasks, inlcuding tools to automate calculations and streamline tracking requirements
Tax Compliance and Consulting Services
- Tax return preparation (e-file) for IRS Form 5500 and related attachments, as well as Schedule H for large plans
- Tax penalty abatement consulting
Accounting and Assurance Services
- Applicability of the 80-120 participant rule for exception from audit requirements
- Financial statement audits, for plans that are sufficiently large to trigger audit requirements
- Financial statement reviews
- Specialized audits and DOL limited scope audits for 401(k) plans, 403(b) plans, profit sharing plans and defined benefit plans
- Consulting with regard to internal controls
- Agreed upon procedures