2021 Retirement Plan Limitations
On October 26, 2020, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2021 (IRS Notice 2020-79). ...
The COVID-19 outbreak may offer one hidden benefit as we enter the Employee Benefit Plan (EBP) audit season: we’ll have plenty of time to learn about some new upcoming standards.
The AICPA Auditing Standards Board recently voted to defer the effective date of Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, until periods ending on or after December 15, 2021. The original effective date was December 15, 2020.
The standard changes several aspects of the EBP audit itself, including the limited scope terminology, engagement acceptance, risk assessment and planning, communication with those charged with governance, audit procedures and reporting. For detailed changes and further information, contact a Schneider Downs professional or click on the AICPA link below:
Note that early implementation is also permitted, to allow those firms that are able to proceed with implementation as of the original effective date to do so.
In addition to the standard above, the AICPA also announced a few other standards that are deferred until periods ending on or after December 15, 2021, including:
On October 26, 2020, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2021 (IRS Notice 2020-79). ...
Schneider Downs continues to track the evolving landscape of federal financial programs offered in the wake of the business disruption caused by the coronavirus ...
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