audits

Is Your Employee Benefit Plan Being Audited By The Department of Labor (DOL)?

Take a deep breath and calm down! There are several common mistakes employers make that could generate an audit of their employee benefit plan. In some cases it could be just random due to the industry, geography, or plan type. Nevertheless, let’s discuss who is auditing you, the process of the audit, what the documentation they can request and what they are targeting.

WHO is Auditing your Employee Benefit Plan?

You can give the special thanks to the Employee Benefits Security Administration (EBSA), which is part of the Department of Labor (DOL). The Employee Benefits Security Administration enforces the… Continue reading →

Posted in audits | Leave a comment

IRS Penalty Abatement!

Many taxpayers often get frustrated and take it personally when they receive a penalty from the IRS on top of their taxes due. Tax penalties can substantially increase a balance that is owed to the IRS, and coupled with the interest on top of those penalties; they turn a relatively small balance into a much larger one! Furthermore, the IRS takes a hard and fast approach when assessing tax penalties and will often assess the penalties without regard to the underlying circumstances. As the IRS’s policy is clear and deliberate on their reason for penalizing you, which is to deter… Continue reading →

Posted in audits | Leave a comment