CRI Articles: Employee Benefit Plans (EBP) Articles
Providing the highest level of
employee benefit plan (EBP) services requires practice.
Specifically related to EBP audits, the Department of Labor (DOL) cites auditor
inexperience as one of the most common reasons for EBP audit deficiencies. So
choosing a team like
CRI's EBP audit team that performs hundreds of EBP audits annually
ensures precise specialization and expertise.
The IRS Is Changing Its Tune
Related to Compliance and Small EBPs
The IRS is whistling a new, stricter compliance tune
related to the employee benefit plans (EBPs) of small organizations. The
Employee Retirement Income Security Act of 1974 (ERISA) and provisions
of the Internal Revenue Code require certain employee benefit plans to submit
information annually to the government regarding their size, funding,
operations, and other characteristics.
Quality EBP Audit
Should your plan be audited? The answer to that
question is determined by law. Employee benefit plans are regulated by the DOL
and IRS, and fines for plan deficiencies including deficient auditing can be
pretty stiff (up to $1,000 per day for each instance of non-compliance).
Further, an audit helps protect the assets and financial integrity of your EBP.
It also provides more reliable information for better plan management and
Are you ready to choose an EBP audit firm that
believes in practice? CRI's EBP team has additional recommendations available on
CRI's "You'll Be Surprised By What We Know" Blog.