It’s been several years since Form 5500 underwent changes that significantly altered the reporting processes of employee benefits plans. But over the past several years, we have noticed an uptick in the frequency of IRS and Department of Labor audits triggered from the 5500 Series forms, which are used to satisfy annual reporting requirements under Title I and Title IV of ERISA and under the Internal Revenue Code. It’s important to stay up to date on 5500 Series forms and the potential traps that exist as you prepare the Forms 5500 and related plan audit (for most plans with more than 100 participants).
We invite you to Clark Schaefer Hackett Shareholders Tiffany White and William Edwards and Christine Poth and Jen Dunsizer, Partners at Vorys, Sater, Seymour LLP and Pease for this educational and complimentary two-part webinar.
Part 1: Understanding the Basics
We will provide an in-depth overview of Form 5500 as well as the lessons we have learned since significant changes were implemented six years ago. We will cover:
- Reporting Requirements
- Electronic Filing Requirements
- In depth review of Schedule A: Focus on Insurance Information
- In depth review of Schedule C: Focus on Service Providers compensation (direct and indirect)
- In depth review of Schedule H & I: Financial information
- In depth review of Schedule SB: Single-employer defined benefit plan actuarial information
- Form 8955-SSA
- Delinquent Filer Program
Part 2: Audited Financial Statements (Accountant’s Report) for the Plan
We are experiencing an increase in the number of IRS and Department of Labor audits based on information that is contained in the audited financial statements for the employee benefit plans. During this session, we will thoroughly discuss the audit financial statement process, what to expect, what to know, and steps you should take now to protect your company in case of an audit. Attendees will hear valuable information regarding the following:
- When is an audited financial statement needed
- Auditor qualifications
- Approaches to audits (risk based approach, sampling, materiality)
- Areas tested
- Standards of Disclosure
- Subsequent events
- Limited scope audits
These programs are pending approval for 1.00 hour of Ohio CPE, attorney continuing education, SHRM and HRCI credits.