Sassetti LLC
From participant eligibility and compensation determination to taking too long to transfer withholdings, there are many ways that plan providers can inadvertently run into problems that could result in penalties or other required contributions. Working with experienced auditors that understand the complexities and that can provide support throughout the year can save you headaches and errors during the audit. When errors are discovered, we can help guide providers through the correction process..
We work with a wide range of clients, including nonprofit organizations with 403(b) plans, medium sized businesses and other professional service entities with 401(k) plans as well as publicly-traded companies required to file an 11-K. Your plan will benefit from our extensive network of services groups, including administrators, attorneys and managers.
The Department of Labor (DOL) continues to put employee benefit plans (EBP) under scrutiny. Employee benefit plan audits are subject to the Employee Retirement Income Security Act (ERISA), and compliance with these regulatory requirements has created a greater need for plan sponsors to stay current with their fiduciary responsibilities.
Sassetti can help plan sponsors maintain compliance by performing high-quality audits while also providing access to resources tailored to keep plan sponsors informed of changes in the regulatory environment. As a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center (EBAQC) and as a register firm with the Public Company Accounting Oversight Board, our professionals receive the dedicated training necessary to provide efficient audits and related services of plans of all sizes and types, including:
We assess the risks associated with your Defined Benefit Plans
and provide valuable insights and recommendations to ensure
regulatory compliance and secure employee retirement benefits.
401k Audits
403b Audits
Looking for expert auditing services for your financial
statements? Our firm provides customized solutions,
including outsourcing the preparation of 11-K statements
to ensure compliance with accounting standards and
improve accuracy.
In need of specialized auditing services for your employee
benefit plans’ Form 11-K filings? Sassetti provides customized
solutions, including financial statement audits and evaluations
of internal controls, to help businesses comply with regulatory
requirements of the DOL and the SEC. We analyze financial data,
identify potential issues, and provide valuable insights to enhance
the accuracy and completeness of financial statements.
To help businesses comply with regulatory requirements of ERISA
and the DOL, our team analyzes financial data, identifies potential
issues, and provides valuable insights to enhance the accuracy and
completeness of financial statements. With our specialized auditing
services, businesses can be confident that their employee benefits
programs are compliant with regulations and accurately reflect the
financial performance of their health and welfare benefit plans.
If you require specialized auditing services for Initial Audits of
your employee benefit plans, our CPA firm can provide customized
solutions that include financial statement audits and evaluations of
internal controls, to ensure that your business complies with the
regulatory requirements of ERISA and the DOL. For newly formed
plans, plans going over the threshold, as well as plan mergers or
transfers, trust our expertise to help you meet your regulatory
obligations and maintain the integrity of your employee benefit plans.
When the number of eligible participants in a plan goes over 120 as of the beginning of the year, the plan is required to have an audit. So long as the plan stays over 100 going forward, the plan will continue to need to be audited.
The 5500 is initially due 7 months after year-end. There is an automatic extension available for an additional 3.5 months. For calendar year plans these days would be July 31 and October 15.
Secure Act 2.0
As a result of legislation, SECURE 2.0 has ushered in transformative adjustments to employee benefit plans, bringing forth significant updates and considerations for both employers and employees alike. At Sassetti, we understand the importance of staying informed about these changes. That’s why we have compiled a summary of key modifications introduced by SECURE 2.0 below, along with effective dates, to provide a valuable resource for navigating the evolving landscape of employee benefits.
Our auditors will also make specific and concrete suggestions for improvements if they identify any compliance problems or internal control deficiencies. Our employee benefit plan auditors perform timely and competitively priced services for: Members of our team sit on the Illinois CPA Employee Benefit Plan Committee as well as the Benefit Plan Conference Planning Committee. When changes come to the benefit plan audit world, our team is on top of it.
Our deep experience with employee benefit plans is supplemented by being an independent member firm of the BDO Alliance, which allows for access to additional resources to be shared with our clients.
Our team members have spent a lot of time problem-solving for a variety of industries. Their expertise is unmatched and they are driven and excited about new challenges.
