A qualified retirement plan is a plan that meets the requirements of Internal Revenue Code Section 401(a) and the Employee Retirement Income Security Act of 1974 (ERISA). Meeting these two requirements make an individual eligible for certain tax benefits. An overview of the tax benefits includes the following:
- Allows employers to deduct annual allowable contributions for each participant;
- Contributions and earnings on those contributions are tax deferred until withdrawn for each participant;
- Some of the taxes can be deferred even further through a transfer into a different type of IRA.
By law, once a company reaches 100 qualified retirement plan eligible participants, the Plan must be audited. At BatesCarter, we have the experience and knowledge necessary to perform such an audit. Kristi Griffin is a partner at BatesCarter and serves as the firm’s Employee Benefit Plans Team Leader. Her responsibilities include many auditing services such as those required for qualified retirement plans.
Because we are a voluntary member of the AICPA Employee Benefit Plan Quality Center, we have access to the tools, education and research necessary to meet the challenges of pension, health, welfare and 401(k) and 403(b) plan audits. This competitive advantage is one of the many reasons clients choose BatesCarter over other accounting service providers in Atlanta and North Georgia.
If you are a business or organization that is searching for accounting services including qualified retirement plan audits, contact us today.