Employee Benefit Plan Services
Employee benefit plans are a terrific employment incentive and they provide tax benefits for employers; however, they can be complicated. Failure to file reports or noncompliance with plan documents can result in devastating penalties and fines. Teaming with the KraftCPAs employee benefit plan team for audit and consulting services can help keep you and your plan out of trouble.
Benefit Plan Expertise
KraftCPAs has a staff of highly trained, qualified professionals devoted to the employee benefits practice. We provide top-quality service, efficiency, continuity, technical competence, and competitive fees. Our team includes:
- Certified public accountants, certified employee benefit specialists, and qualified plan administrators who specialize in employee benefit plan services
- Professionals with a thorough understanding of stringent Internal Revenue Service and Department of Labor regulations
- Active members of the American Institute of Certified Public Accountants Employee Benefit Plan Audit Quality Center
Benefit Plan Experience
We have experience helping companies design and audit plans. No cookie-cutter plans here. We listen to your objectives and recommend plan options to meet your needs. Types of plans include:
- defined contribution plans
- 401(k) plans
- 403(b) plans
- employee stock ownership plans (ESOPs)
- stock or profit-sharing plans
- individual retirement accounts (IRAs)
- defined benefit plans
- simplified employee pension (SEP) plans
KraftCPAs provides professional audit services for more than 75 employee benefit plans ranging from 120 to 5,000 participants.
Benefit Plan Audit Services
Technical Competence
“An audit is an audit” is definitely not true when it comes to the highly specialized arena of employee benefits. Your auditor must have a thorough understanding of the stringent IRS and DOL regulations and have knowledge and experience with the specialized procedures and reporting.
KraftCPAs was one of the first firms to be admitted to the American Institute of Certified Public Accountants Employee Benefit Plan Audit Quality Center, which was formed to help CPAs understand and meet the challenges of providing quality audits in this highly complex arena and to achieve the highest standards of technical proficiency and quality control.
More for Your Money
While most plan sponsors conduct an annual audit only because the Employee Retirement Income Security Act (ERISA) requires it, you should get more for your money than an audit report. As part of our value-added audit approach, we review the plan document while testing for compliance with the specifications of the plan as required by the IRS and the DOL. We also review your plan’s policies and operating procedures.
This investment on our part may help keep you out of trouble with government agencies and help to prevent needless, possibly substantial fines and penalties.
Benefit Plan Consulting Services
To help you run your plan more efficiently and to better fulfill your fiduciary responsibilities, we will make recommendations for improvements and offer suggested solutions to problems.
Custom Plan Design
We listen to your needs and recommend various options to meet your objectives. We can prepare an analysis of the plan benefits and costs under various scenarios, so that you, the employer, have a full picture of each option before making decisions.
Problem Prevention and Correction
We recommend that we perform an abbreviated review to identify any potential issues for correction before IRS and DOL examinations. If your plan audit or 5500 is selected for review, we can then assist you with preparations and represent you during the audit.
“Our employee benefit plan wasn’t meeting our objectives. With an innovative approach recommended by KraftCPAs, we were able to meet our objectives, while still complying with complex rules and regulations. Where others saw only problems, the KraftCPAs Employee Benefits Team found a solution.”
Bill Wood, Wood Personnel Services