Error loading player: No playable sources found
EBP2251
Prohibited Transactions and Other Out-of-the-Ordinary Audit Findings
Date
May 12, 2022
$49
Standard Price
This product is also available as part of the following products:
This includes sessions from the conference: 2022 AICPA & CIMA Employee Benefit Plans Conference
Be sure that the plans you audit are not engaging in prohibited transactions, resulting in a need to unwind the transaction and restore the plan to the financial status that would have existed if the transaction had not occurred. There are many things that may not appear to be prohibited but are. For instance, renting property owned in a corporation owned by a family member of an individual who sits on the Board of Directors of the employer sponsoring the plan. Similarly, the plan co-investing with the son of a 10% shareholder of the employer sponsoring the plan. Learn to both identify and correct prohibited transactions at the lowest tax cost.
Learning Objectives
- Evaluate the nuances of the rules for prohibited transactions, including the differences between the IRS and the DOL rules
- Assess the questions to ask your client so that all possible prohibited transactions are uncovered, hoping before being entered into.
- Apply client facts to the rules to determine if a prohibited transaction exists and the best way to correct the transactions
Speakers
National Director, Compensation and Benefits, Cherry Bekaert LLP
Tiana D. Wynn, CPA, MBA
Partner, SB & Company LLC
Related Products
UBIT - Definitions, Investment Pros & Cons, Reporting (Employee Benefit Plan Related)
Like other tax-exempt entities, employee benefit plan trusts are subject to the unrelated business income (UBI) tax rules of IRC sections 511 through 514. This session will explore potential UBI from alternative investments, special rules for section 501(c)(9) VEBAs, and state income tax matters…
MEPS, PEPS, and MEWA
This session will consist of an overview of MEP, PEPs and MEWAs from the lens of Multiple Employer Plan service providers. We will discuss changes in the Multiple Employer Plan environment and common obstacles faced by service providers while building out PEP plans on their respective platforms…
Digging Into the Definition of Compensation for Auditors + 414(s)
Defining compensation and how to use it is can be one of the most complex issues to tackle in the audit of an employee benefit plan. Using the wrong compensation continues to be one of the most common errors found in plans and can jeopardize the plan’s tax status if not corrected…
3D Matters: The Intersection of Divorce, Death, and (Plan) Distributions
This session will explore advanced plan distribution issues involving QDROs and odd beneficiary matters. The panel will share real-life examples and practical approaches for dealing with knotty situations…
