401(k) Audit Concerns?
401(k) Plans are one of the premier means of attracting and keeping talented employees and is widely used by auto dealership and automotive groups.
But they also come with the requirement that they be audited annually once they reach a specified number of eligible participants. We understand the compliance challenges that automotive dealerships encounter and have procedures for ensuring this compliance.
Here is a brief background directly from the IRS.gov site.
401(k) Plan is a defined contribution plan where an employee can make contributions from his or her paycheck either before or after-tax, depending on the options offered in the plan. The contributions go into a 401(k) account, with the employee often choosing the investments based on options provided under the plan. In some plans, the employer also makes contributions such as matching the employee’s contributions up to a certain percentage. SIMPLE and safe harbor 401(k) plans have mandatory employer contributions.
Because of our decades of experience in helping auto dealerships and their business managers our Automotive Accounting Team is uniquely positioned to consult and assist you.
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