On August 20, 2018 the FASB issued and Auditing Standard Update on "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans". Please follow this link for our briefing.
IRS launched a pilot pre-audit program for retirement plans. Plans get 90 days to self-review and correct issues using EPCRS. If they respond, IRS may agree or conduct further examination. If not, full audit follows. Program aims to reduce burden and IRS exam time. Full details pending.
Update: The OLMS will not seek to enforce the filing of the Form T-1 for one year from the original due date. Office of Labor-Management Standards (OLMS) published a final rule on May 30, 2019 establishing a Form T–1 Trust Annual Report which requires annual reporting by Form LM-2 filing labor organizations on financial information […]
On March 11, 2021 the American Rescue Plan Act became law. It makes important changes to relief available for Labor Unions and Benefit Funds. Please see our bulletin for additional information. ARPA Bulletin
