MYCPE ONE

401(k)-Profit Sharing Plan Internal Compliance Audit-Part 2 1.5 Credits

401(k)-Profit Sharing Plan Internal Compliance Audit-Part 2 1.5 Credits

Form 5500 / Annual Administration

  • Steve Abramson

    | CPC, CLU, ChFC

  • Rating

    4.5

  • Reviewed on

    February, 2025

  • Subject Area

    Taxes

Learning mode

On Demand
  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
  • Attend the live interactive session
  • Answer the polling questions
  • Get your certificate

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Important Note: This course was developed prior to the enactment of the One Big Beautiful Bill (OBBB), and content may not reflect the latest tax reforms. We are actively updating our courses to reflect the new legislation.

If you want to attend courses related to OBBB, please click here.
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Learning Objectives

  • Review administrative policies and government reporting for effective client assistance. 
  • Discuss benefit codes and plan operations focusing on audit triggers. 
  • Understand required annual notices and their basis for plan participants. 
  • Explain compliance rules related to potential audit issues and examples. 
  • Identify and address common audit triggers in 401(k) plan administration.

Course Overview

In the intricate world of 401(k) plan administration, understanding the nuances of Form 5500 and the annual compliance requirements is crucial for maintaining regulatory adherence and protecting participant benefits. 

This CE Course is part two of a four-part series that covers broad topics that would be the focus of an IRS or DOL audit. It includes a discussion of all key parts of Form 5500-SF, 5500, and 5500-EZ, including benefit codes, key questions, and filing deadlines. In addition, some compliance issues are reviewed, including the coverage test and a variety of required notices to plan participants.  

Key topics covered: 

  • Form 5500 Filing Requirements 
  • Benefit Codes and Audits 
  • Annual Compliance Notices Overview 
  • Common Audit Triggers Identified

Join us as we dissect the challenges and solutions associated with IRS compliance audits for 401(k) plans. Also included are some changes made by SECURE 2.0 and the administration of various plan transactions, including loans, plan expenses, and new eligibility for Long-Term Part-Time employees. 

Note: Part 2 of a four-part series addressing Internal Audits of 401(k) Plans. Part 2 is Form 5500 / Annual Administration. Because of the nature of the material, some of the topics will overlap from one part to another, and that relationship will be noted. There is no specific order in which the parts should be reviewed, as one does not necessarily follow another due to the nature of the topic.

On Demand Credits for All Qualifications

License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 1.5 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02126-24-S) 1 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02126-24-S) 1 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-01711) 1 CE Approved
Personal Financial Specialist (PFS) 1.5 CPD Eligible
Taxes for Chartered Financial Analyst (CFA) 1.5 PL Eligible
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02126-24-S) 1 CE Approved
Chartered Financial Consultant (ChFC) 1.5 CE Eligible
Taxes for Delaware Licensed Public Accountant (DE-LPA) 1.5 CPE Approved
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02126-24-S) 1 CE Approved
Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (ERPA) (Approval No. GEHNZ-Q-02191-24-S) 1 CE Approved
Trust and Estate Practitioners (TEP) 1.5 CPD Eligible
Certified Wealth Strategist (CWS) 1.5 CE Eligible
Federal tax-related matters for LTC (Approval No. GEHNZ-T-02126-24-S) 1 CE Approved
Retirement Income Certified Professional (RICP) 1.5 CE Eligible
Certified Fiduciary and Investment Risk Specialist (CFIRS) 1.5 CE Eligible
Retirement Planning for Chartered Life Underwriter (CLU) 1.5 CE Eligible
Estate Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC) 1.5 CE Eligible
Financial Services Certified Professional (FSCP) 1.5 CE Eligible
Wealth Management Certified Professional (WMCP) 1.5 CE Eligible
Qualified Plans for Qualified 401(k) Administrator (QKA) 1.5 CE Eligible
Taxes for Iowa Licensed Public Accountant (IA-LPA) 1.5 CPE Approved
Chartered Advisor in Senior Living (CASL) 1.5 CE Eligible
CIPM 1.5 PL Eligible
Qualified Plans for Qualified Pension Administrator(QPA) 1.5 CE Eligible
Retirement Planning for Chartered Advisor in Philanthropy (CAP) 1.5 CE Eligible
Taxes for Maine Licensed Public Accountant (ME-LPA) 1.5 CPE Approved
Employee Benefit Plan Audit Quality Center (EBPAQC) 1.5 CPD Eligible
Qualified Plans for Associated Professional Member(APM) 1.5 CE Eligible
Nonqualified Plan Consultant (NQPC) 1.5 CE Eligible
Qualified Plans for Qualified 401(k) Consultant(QKC) 1.5 CE Eligible
401(k) Rollover Specialist ((k)RS) 1.5 CE Eligible
Tax-Exempt and Governmental Plan Consultant (TGPC) 1.5 CE Eligible
Qualified Plans for Certified Pension Consultant (CPC) 1.5 CE Eligible
Chartered Special Needs Consultant (ChSNC) 1.5 CE Eligible
Certified Plan Sponsor Professional (CPSP) 1.5 CE Eligible

Additional Information

Credits

1.5

Course Level

Advanced

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC, in accordance with the standards set forth in Circular 230 section 10.6, grants Continuing Education (CE) credits based on a 50-minute hour. MY-CPE LLC is approved by the California Tax Education Council (CTEC) (Provider Number – 6273) to offer continuing education courses that count towards the annual continuing education requirement for CTEC Registered Tax Preparers. Additional information regarding registration as a tax preparer can be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free at (877) 850-2832, or by visiting www.ctec.org.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

About Instructor

Steve Abramson

Steve Abramson | CPC, CLU, ChFC

President, APS Pension and Financial

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Stephen Abramson is the President and founding partner of APS Pension & Financial Services established in 1977, a mid-size consulting and actuarial firm employing twenty-two professional and support staff specializing in pension and pension-related services.  For over 40 years, APS has been providing closely held businesses with financial services including pension design and administration, business succession planning, and wealth preservation planning. In 2015 APS Investment Management was established to provide fiduciary services to 401(k) and 403(b) plans and in 2018 APS Wealth Management, a Registered Investment Advisor (RIA), was established to provide investment management services to individual clients and retirement plans replacing his previous relationship with a Broker/Dealer.  Steve has taught professional level education programs for the American Society of Pension Actuaries; lectured to various professional groups, including the National Conference of CPA Practitioners, The NYS Society of CPAs, Nassau Bar Association, the C.W. Post Tax Institute, and the National Institute of Pension Administrators; and conducted continuing education seminars for Certified Public Accountants for the past 35 years. He is co-author of Plan Smart, Retire Rich published by McGraw Hill in 1998; author of Advisor’s Guide to Qualified Plans originally published by Aspen Publishing in March, 2002 and recently in the process of being updated with the 8th edition, and Retirement Financial Management for Clients Approaching Retirement published by Aspen Publishing in August, 2002.  A less technical version of Advisor’s Guide to Qualified Plans entitled Guide to Qualified Retirement Plans: A Plain Language Primer was published by the International Association of Employee Benefits in March 2005.  The second edition of this book was released in 2008.

Steve graduated from Cornell University in 1964, earned the designation of Chartered Life Underwriter in 1967 from the American College, Certified Pension Consultant in 1970 from the American Society of Pension Professionals and Actuaries and Chartered Financial Consultant from the American College in 1972.


On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses accepted by NASBA and other professional organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (56%)

Very Good (34%)

Average (10%)

Poor

Terrible

LM

Lindsay Miller, CPP

5

Though the instructor does not give many real life examples (there's not really time with all the information he has to go over in the period,) the information is still more accessible than with many other instructors.

EM

Emily Macedo, CPP

5

Great!

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401(k) Profit Sharing Compliance Audit

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