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Employee benefit plans are a terrific employment incentive; however, they are tricky and complicated. Being off base can cost you the game when it comes to benefit plan compliance. Failure to file reports or noncompliance with plan documents can result in devastating penalties and fines.That's why we have a team of employee benefit specialists at KraftCPAs who can help you set up and administer your plan. No cookie-cutter plans here. We listen to your objectives and recommend plan options to meet your needs. Benefit plan services include:
- Analysis and recommendation of retirement plan options
- Plan design and set-up
- Plan audit
- Plan administration including:
- Determine eligibility
- Determine HCE/key employees
- Allocate employer and employee contributions
- Verify contributions
- Prepare allocation reports
- Prepare participant statements
- Vesting calculations
- Recap activity by contribution source and investment location
- Allocate earnings, forfeitures, and benefit distributions
- Annual testing required by DOL/IRS
- Preparation of Form 5500 & summary annual report
Plans with over 100 participants are required by the Department of Labor and the IRS to have annual plan audits. Our team has extensive experience in auditing plans and preparing reports to comply with government regulations. | 
