Description
In Plain Sight: 10 Common Employee Benefit Plan Pitfalls
About Mayer Hoffman McCann P.C.
Mayer Hoffman McCann P.C. is a national, independent
CPA firm with offices in most major markets and gateway
cities throughout the country. While we can pull from our
vast array of credentials nationally, our professionals take
pride in delivering a very personalized level of service to
each and every client. Furthermore, our professionals are
committed to the profession and the industries in which
they serve clients.
Whether it’s involvement on committees of regulatory bodies in the accounting profession or members of industry associations, MHM’s professionals are regular authors and presenters of accounting content, showing a dedication to their work and to our clients. When you choose Mayer Hoffman McCann P.C., you get proactive, accessible professionals who communicate in understandable terms, and deliver practical solutions on time and with no surprises. We are distinguished by the quality, credibility and insight of our accounting and auditing professionals who take the time to get to know each of our clients and the specific issues they face. Our audit services are designed to: n xamine your business to identify areas of financial E statement risk. n educe your risk of material misstatement. R n rovide informative financial statement results reporting P to your management, audit committee or board. n eliver effective strategies and recommendations D designed to enhance the value of your business. n eep you informed regarding pertinent accounting K standards and assist in the implementation of applicable new standards. n ase the audit process by giving your accounting E personnel adequate lead time to prepare required documentation. n eet all internal or external deadlines. M Endnotes 1 mall plans are plans with fewer than 100 participants. The number of participants as of the first day of the plan year dictates whether you have a large S or small plan for Form 5500 purposes. Employees become includable as “participants” on the date that the employee becomes eligible to participate regardless of whether they elect to participate.
The participant count must include (1) actively participating employees, (2) retired, deceased, or separated employees who still have assets in the plan and (3) all eligible employees who have yet to enroll or have elected not to enter the plan. A special ruling (80/120 Rule) allows plans with between 80 and 120 participants, as of the first day of the plan year, to file the Form 5500 in the same category (“large plan” or “small plan”) as indicated on the prior year Form 5500 filing For further information on our audit services for private companies or to submit an RFP, please visit www.mhmcpa.com or call 1-877-887-1090. www.mhmcpa.com A member of Kreston International | A global network of independent accounting firms @mhm_pc company/Mayer-Hoffman-McCann-P .C. © Copyright 2015. Mayer Hoffman McCann P All rights reserved. .C. www.kreston.com 8 .
Whether it’s involvement on committees of regulatory bodies in the accounting profession or members of industry associations, MHM’s professionals are regular authors and presenters of accounting content, showing a dedication to their work and to our clients. When you choose Mayer Hoffman McCann P.C., you get proactive, accessible professionals who communicate in understandable terms, and deliver practical solutions on time and with no surprises. We are distinguished by the quality, credibility and insight of our accounting and auditing professionals who take the time to get to know each of our clients and the specific issues they face. Our audit services are designed to: n xamine your business to identify areas of financial E statement risk. n educe your risk of material misstatement. R n rovide informative financial statement results reporting P to your management, audit committee or board. n eliver effective strategies and recommendations D designed to enhance the value of your business. n eep you informed regarding pertinent accounting K standards and assist in the implementation of applicable new standards. n ase the audit process by giving your accounting E personnel adequate lead time to prepare required documentation. n eet all internal or external deadlines. M Endnotes 1 mall plans are plans with fewer than 100 participants. The number of participants as of the first day of the plan year dictates whether you have a large S or small plan for Form 5500 purposes. Employees become includable as “participants” on the date that the employee becomes eligible to participate regardless of whether they elect to participate.
The participant count must include (1) actively participating employees, (2) retired, deceased, or separated employees who still have assets in the plan and (3) all eligible employees who have yet to enroll or have elected not to enter the plan. A special ruling (80/120 Rule) allows plans with between 80 and 120 participants, as of the first day of the plan year, to file the Form 5500 in the same category (“large plan” or “small plan”) as indicated on the prior year Form 5500 filing For further information on our audit services for private companies or to submit an RFP, please visit www.mhmcpa.com or call 1-877-887-1090. www.mhmcpa.com A member of Kreston International | A global network of independent accounting firms @mhm_pc company/Mayer-Hoffman-McCann-P .C. © Copyright 2015. Mayer Hoffman McCann P All rights reserved. .C. www.kreston.com 8 .
