If you or your employees are currently contributing to a retirement plan, the IRS requires that that plan be restated periodically. The IRS is currently operating on a 5-year cycle for defined benefit plans, due to their more complex nature, and a 6-year cycle for defined contribution plans. The last restatement cycle for defined contribution plans ended on April 30th, 2013 which means that the next deadline is quickly approaching — all plans need to be restated by April of 2016. If your defined contribution plan or the plans of your employees have not been restated by April 30th, 2016 the IRS can disqualify those plans and all of the tax benefits are lost. Don’t let this happen to you — call today for a consultation.
The Internal Revenue Service (IRS) and the Department of Labor (DOL) are constantly evolving; it can be challenging to keep up with the rules and regulations that keep you and your employees in compliance when you are busy running your own business. Allow WIA to take on that responsibility. We know what forms need to be submitted and when they need to be filed by, whether or not an employee has enough withholding, and how major life changes like getting married can effect an employee’s filing. We are well-versed in policy such as the Fair Labor Standards Act (FLSA), the Labor- Management Reporting and Disclosure Act (LMRDA), and the Americans with Disabilities Act (ADA). We will keep you in compliance and prevent you and your employees from suffering from penalties whenever possible.