Thumbnail cover of PKF Texas' Fiduciary Fraud Checklist for retirement plansSeveral of our clients have inquired about a fraud checklist they can use for their retirement plans, so we’ve developed a handy tool for companies to reference. The goal for using PKF Texas’ Fiduciary Fraud Checklist is to help mitigate fraud, risk and errors and avoid negative consequences, such as money being stolen. Audit Senior

There has been a trend of increased litigation over the reasonableness of retirement plan fees, which is impacted by a lack of fiduciary responsibility. PKF Texas Audit Senior Manager, Kristin Ryan, CPA, recently published an article on the Houston Business Journal website discussing important considerations plan sponsors should be thinking about.

open notebook with "notes" written at the top and a pen lying on the page; image used for blog post about Kristin Ryan Houston Business Journal article about retirement plan checks

In her article, Kristin

As we all try to keep ourselves, our loved ones and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes which were part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27, 2020. The CARES Act contains a variety of relief, notably the “economic impact payments,” which will be made to people under a certain income threshold.

man in a blue button down shirt holds a pen to paper to sign documents; image used for a blog post about the CARES Act affecting retirement plans and charitable donation rules

But the law also makes some changes to retirement plan rules and provides a new tax break for some people who contribute to charity.


Continue Reading How CARES Act Changes Retirement Plan and Charitable Contribution Rules

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg.

If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions sooner rather than later can have a significant impact on the size of your nest egg at retirement.

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With a 401(k), an employee elects to have a certain amount of pay deferred and contributed by an employer on his or her behalf to the plan. The contribution limit for 2019 is $19,000. Employees age 50 or older by year end are also permitted to make additional “catch-up” contributions of $6,000, for a total limit of $25,000 in 2019.

The IRS just announced that the 401(k) contribution limit for 2020 will increase to $19,500 (plus the $6,500 catch-up contribution).


Continue Reading Save on Taxes with Your 401(k) Plan

Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions