401(k) Plan Audits, Form
5500 Preparation Service, and Employee Benefits Compliance Review Services
My firm provides financial audits, Form 5500 preparation, and compliance reviews for 401(k) plans and other employee benefits plans.
The Internal Revenue Service conducted a survey from 1995 to 1997 and determined that approximately 45% of all plans reviewed had one or more violations. Many of these plans were determined not to qualify under section 401(a). Failure to comply with the IRS rules and regulations can result in material fines and penalties to the sponsor.
My firm will provide the resources and focus to maintain your Company's 401(k) Plan in full compliance with the IRS rules and regulations, including:
Plans with over 100 eligible
employees require an annual financial audit of the Plan.
The following table provides a quick guideline of our estimated pricing for a 401(k) Plan audit (assuming the Plan's investments are invested with a qualified financial institution):
|
Description (Number of eligible employees) |
Limited Employee Investment Options (Less than 10) |
Several Employee Investment Options (10 or more) |
|
100-249 |
$4,500 |
6,000 |
|
250-999 |
$6,500 |
9,000 |
|
1,000-4,999 |
$10,000 & up |
15,000 & up |
These amounts are only estimates. To obtain a free consultation and fee quote, please call me at (512) 331-5336 or e-mail me at Tdonovan@Tomdonovancpa.com. You can also fax your prior 401(k) plan audit to me at (512) 258-5895 for review and response.
We are currently accepting new clients for the year 2000 audits which are due July 15, 2001. You can also visit my website at www.TomDonovancpa.com.
Sincerely,
Thomas P. Donovan, CPA