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  • Hot HR compliance issues for small businesses in 2008

    Although we're only in the second quarter of 2008, it is important for small businesses to act now to identify issues that must be addressed by the end of the year. Small businesses are frequently overlooked by consultants and therefore do not learn about issues of importance until the eleventh hour, or in this case, the twelfth month, when action becomes imperative.

  • Ask the Auditor: How to prevent privacy breaches

    EBN's auditing expert answers benefit managers' questions on privacy laws and strategies for preventing privacy breaches.

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  • Ask the Auditor: Safeguarding confidential medical and financial records

    We hear it all the time - from identity theft on consumers to data breaches for many well-known organizations - the exposure and fraudulent misuse of confidential medical and financial records is on the rise.

  • Best practices for preventing 401(k) plan lawsuits

    There has been a big increase in lawsuits against 401(k) plan fiduciaries in recent years, and some law firms specialize in suing 401(k) plan fiduciaries on behalf of aggrieved plan participants.

  • Tips for achieving employee communications success

    As part of our expanded coverage in the November EBN on benefits communication, benefits experts advise on how employers can ensure their message gets across

  • Employers should not be lulled by 409A document extension

    Many employers have been grappling with the complexities of Section 409A since its enactment as part of the American Jobs Creation Act of 2004. Most already have begun amending and restating plans for Section 409A, in anticipation of providing employees new election opportunities before Dec. 31.

  • Effective strategies for reducing cost of SAS 70, other compliance audits

    Every year, employers spend a staggering amount of money to meet growing regulatory mandates required by a host of federal laws and regulations. Although these regulatory requirements will continue to increase in scope and price, organizations can reduce many of these fees by being proactive and efficient.

  • Employers may need to reconsider their Form 5500 filings

    In February 2007, the IRS began to issue notices to employers questioning whether or not they had filed an annual Form 5500 for 2004 plan years beginning on or after Jan. 1, 2004. The IRS just informed employers that this action was part of an initiative to update its records, correct employer identification numbers, obtain correct plan numbers and to resolve other discrepancies in its records. The purpose of the mailing is also to encourage employers to file Form 5500s and to allow non-filers to become compliant.

  • Form 5500 Filing Requirement: Penalties

    What actions can be taken if an employer fails to file a Form 5500?

    Palmieri: The Department of Labor currently maintains the Delinquent Filer Voluntary Compliance ("DFVC") program. Without this program, the penalties for failing to file a Form 5500 are $25 per day up to $15,000 per year to the IRS, and $1,100 per day to the Department of Labor, without any limit. Under the DFVC Program, the penalties are significantly reduced. Penalties are as follows:

  • Form 5500 Filing Requirements

    We maintain a medical plan for our employees with separate prescription , vision and other welfare benefits. Not all plans have the same policy year. We also maintain a Flexible Benefits Plan. We currently have approximately 80 employees, but anticipated growing. What Plan Year should we use for purposes of filing a Form 5500?

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