Our CPA team at Linked Accounting provides Montana-based employers with rigorous 401(k) and Employee Benefit Plan audits, essential for organizations with 100 or more participants. In line with DOL requirements, our audits focus on safeguarding participant assets, evaluating plan operations, and ensuring all contributions, distributions, and plan activities meet regulatory standards.
Why Are EBP Audits Necessary for Montana Employers?
Employee benefit plans are under increasing scrutiny, and non-compliance with DOL regulations can result in significant penalties. Our audits offer peace of mind by identifying compliance gaps and ensuring adherence to federal guidelines while considering Montana-specific tax implications, such as adherence to Montana’s 15-30-2110 MCA for withholding compliance and applicable state tax credits.
Key Aspects of Our 401(k) and EBP Audit Services
- Plan Operations Review: We evaluate the plan’s operation against its governing documents, ensuring compliance with provisions and DOL requirements.
- Testing Contributions and Distributions: Detailed testing to confirm that contributions and distributions are calculated correctly, documented, and meet IRS and DOL guidelines.
- Review of Plan Fees: Analysis of administrative and investment fees to ensure they are reasonable and in the best interest of participants.
- Form 5500 Compliance: Assistance with Form 5500 preparation, ensuring it accurately reflects plan activities and meets DOL requirements.
- Internal Controls Assessment: An in-depth review of internal controls over financial reporting, identifying weaknesses that could lead to non-compliance or financial inaccuracies.
Montana Tax Implications for Employee Benefit Plans
Montana businesses benefit from Linked Accounting’s familiarity with both federal and state-level tax obligations. For example, Montana 15-30-2110 MCA mandates specific withholding requirements for benefits distributed to plan participants residing in the state. Our services ensure your organization meets these requirements and takes advantage of relevant credits under Montana’s corporate income tax guidelines (15-31-101 MCA).
Enhancing Your Montana Benefit Plan Compliance and Security
Our CPA team brings both expertise and local insight to each EBP audit, helping your organization maintain compliance, secure your plan assets, and protect participant interests. Contact Linked Accounting to discuss how we can support your 401(k) and employee benefit plan audits, giving your business confidence in its benefit offerings and adherence to regulatory standards.
