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Charitable Registrations being rejected, but it might cost ing with is expecting money, they
continued from page 1 you. If you file late, there may be will send your filing back if a check
penalties involved. If your fiscal does not accompany the forms.
phone transcripts) that have been year end does not come at a time to So take a few extra minutes and fol-
used to raise funds. This can be make it convenient to file timely, low these pointers; they should help
easy to overlook since most states most states will allow an extension. increase your efficiency and keep
do not require this type of attach-
9. Pay the fee. Most states require a you in compliance with the states.
ment. Pay attention.
fee of some sort: some as little as Or, if you want assistance with
8. Remember to extend. This may $10, and others can be several hun- your filings, call us and we’ll be
not result in your registration filing dred dollars. If the state you are fil- happy to help.
403(b) Plans plying with the new audit require- with the new IRS rules. Sponsors will
continued from page 1 ment. In some cases, vendors may not also need to know the number of par-
be able to provide the required infor- ticipants in the plan, the location of
participate in their plan will be mation in a timely manner or, per- all plan assets and the number and
required to have their plan audited haps, not at all. Further, during the identity of vendors serving the plan.
and to attach the audit opinion to course of auditing a plan, auditors
the plan’s Form 5500 filing. may become aware of deficiencies or If the plan is subject to audit require-
material weaknesses in the design or ments, sponsors will need to generate
React now! operation of the plan’s internal con- comparative financial statements in
trol. Under new auditing standards, accordance with Generally Accepted
You may know that the 2009 Form
auditors are required to report defi- Accounting Principals as well as gath-
5500 filings are not due until the end
ciencies and material weaknesses in er the information necessary to have
of July 2010 (extendable to October
internal controls to the plan’s govern- an audit performed by an independ-
15th of the same year). What you
ing board, which, in most cases is the ent certified public accountant in
may not know is that ERISA
sponsor’s governing board. accordance with Generally Accepted
requires the audited financial state-
Auditing Standards. Sponsors will
ments and the Form 5500 to be com- The Department of Labor publicly also want to determine the adequacy
parative. Therefore, sponsors will stated that it will not be sympathetic of the plan’s internal controls.
need to include 2008 financial infor- to non-filers and late filers under the
mation in their 2009 filings. The fact new 403(b) regulations. Plan admin- UHY can help
that we are in the third quarter of istrators who fail or refuse to comply
2008 does not make this any easier. with ERISA requirements may face We can assist you in determining
civil penalties of up to $1,100 per day which of the new reporting require-
Most 403(b) plans are comprised of ments apply, in gathering pertinent
individual contracts issued to for each report. Likewise, the IRS
may assess penalties of $25 per day data from service provider(s), and in
employees by many different vendors preparing financial statements and
over the plan’s life. Some plans have (up to $15,000) for failure to timely
file returns for plans. disclosures. We can also help compile
numerous vendors in any given plan financial statements as of the begin-
year. Unlike 401(k) plans, many
403(b) plans do not have centralized
Immediate action steps ning of the year, and evaluate internal
control environment, including finan-
plan administration or recordkeep- Initially, plan sponsors should name cial reporting controls, prior to audit.
ing. Consequently, a great deal of a point person or committee to deter-
effort, and cost, will be required by mine whether its 403(b) plan is sub- Just don’t wait to the last minute to
plan sponsors to gather the 2008 and ject to ERISA. Even if the plan is not get ready. Start preparing now, or it
2009 information necessary for com- subject to ERISA, it must comply will be too late before you know it.
The statements contained herein are provided for informational purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal,
state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. Furthermore, such statements are not presented or intended as, and should not be taken
or assumed to constitute legal advice of any nature, for which advice it is recommended that you consult your own legal counselors or professionals.
UHY Advisors, Inc., provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc.,
and its subsidiary entities offer services from offices across the United States. UHY Advisors, Inc., and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent
CPA firm that performs attest services. UHY Advisors, Inc., and UHY LLP are independent U.S. members of Urbach Hacker Young International Limited.