Mastering Form 5500 Schedule H: Avoiding Audit Triggers
Financial Information Reporting Requirements, Identifying Valuation Challenges and Expanded Compliance Questions
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide employee benefits professionals and tax advisers with a practical and comprehensive guide to completing Form 5500, with a specific focus on Schedule H, Financial Reporting. The panel will offer specific guidance on completing the form, detailing the fair value calculations and helping navigate the potential future Compliance Questions of Part IV of the schedule. The panel will also discuss the pending changes to financial disclosures announced by the IRS and DOL in 2016, and prepare advisers to deal with new reporting requirements.
Outline
- Key Schedules to Form 5500
- Schedule H - Plan Asset Valuations on Part I
- Income and Expenses Reporting on Part II
- Accountant's opinion as an audit trigger
- Compliance Questions
- Proposed Changes to Form 5500
Benefits
The panel will discuss these and other important issues and challenges:
- What are the specific triggers for an IRS audit of Form 5500 Schedule H?
- How excess amounts on Line 15 “Other Assets” increases the likelihood of a DOL audit
- Valuation challenges and “good faith” standard
- How the proposed changes to Form 5500 Schedule H will increase the reporting burden for both employers and plan sponsors
- Addressing plan issues in Part IV Compliance Questions
Faculty
Sharjeel Ahsan, CPA, MBA
Audit Senior Manager
McConnell & Jones
Mr. Ahsan has been instrumental in builing and leading the Firm’s Form 5500 preparation practice and has... | Read More
Mr. Ahsan has been instrumental in builing and leading the Firm’s Form 5500 preparation practice and has helped several clients through DOL & IRS voluntary compliance programs. He is a subject matter expert on Form 5500s and has more than 10 years’ experience in this area. He is also part of his Firm's ERISA Assurance and Compliance Services Team. He is responsible for managing his clients' employee benefit plan audits that range from regional non-profit organizations to large Fortune 500 public companies. The largest plan he manages consists of 63,000+ participants and approx. $5 Billion in net assets. He also manages certain non-profit and commercial audits.
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John C. Hughes, Esq.
The ERISA Law Group
Mr. Hughes focuses his practice in the area of ERISA/employee benefits. He represents clients nationwide relative to... | Read More
Mr. Hughes focuses his practice in the area of ERISA/employee benefits. He represents clients nationwide relative to issues involving all kinds of employee benefit plans including 401(k), profit sharing, pension/defined benefit, 457, 403(b), nonqualified deferred compensation/409A, employee stock ownership (“ESOP”), governmental, 125/cafeteria, and health and welfare plans. He counsels clients on a broad spectrum of plan-related issues including compliance, fiduciary responsibilities, plan operations and administrative issues, plan corrections, plan design, mergers and acquisitions, litigation, and plan qualification.
CloseStacey I. Snyder, CPA, QKA
Belfint Lyons Shuman
Ms. Snyder has experience in employee benefit plan audits and nonprofit audits. She regularly contributes to the... | Read More
Ms. Snyder has experience in employee benefit plan audits and nonprofit audits. She regularly contributes to the firm’s employee benefit plan audit blog, The Art of the Qualified Plan Audit. Her blog articles have been published in The National Institute of Pension Administrators newsletters. She has an Advanced Defined Contribution Plans Audit Certificate.
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