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Benefit Auditing
Benefit auditing looks over plan management and participants as well as financial statements from a 3rd party provider. In fact, benefit audits are the only way to ensure an employee benefit plan (EBT) is accurate, credible, and in compliance with the necessary laws and regulations. But there are certain factors that make benefit audits more complex than standard audits. To be specific, such factors include:
- State and federal laws
- Operations plans
- Internal Revenue Service (IRS) and Department of Labor (DOL) Regulations
- Audit requirements
- Special reporting
Once these factors are considered, a benefit audit usually covers these areas:
- Benefit payments
- Administrative expenses
- Date, loans, and allocation of participants
- Employee and employer contributions
- Liabilities and obligations of the plan
- EBP investments and income of investments
Benefit Plan Remittance
Benefit plan remittance ensures participant deferrals are remitted to the plan in a timely manner. In other words, employers send money from a plan back to participants as soon as possible.
Workers’ Compensation Claims
Filing workers’ compensation claims in a timely manner is necessary. For one, it shows the employee that they are appreciated. But if you don’t report a claim within 24 hours, it could increase potential legal actions, jeopardize the claim investigation, or raise costs.
Workers’ Compensation Audits
Workers’ Compensation audits verify an organization’s payroll. Data for employee compensations paid during a policy term are part of the payroll data and reporting. These audits use payments and benefits given to employees so that workers’ comp premiums can be confirmed.
Payroll Tax Forms
Payroll taxes fund government programs. In general, there are four different payroll taxes. They include
- Social security
- Medicare
- Federal income
- Federal unemployment
Further, there are three different tax forms that employer’s must fill out, depending on their requirements:
- Form 940—Federal unemployment tax (annual reporting/payments)
- Form 941—Employer’s Quarterly Federal Tax Return (federal and FICA taxes withheld)
- Form 944—Employer’s Quarterly Federal Tax Return (qualifying employers pay/report annually)
W-2 and W-3 Processing
A W-2 is filled out by an employee. A W-3 is filled out by an employer. In general, a W-2 shows taxes withheld from an employee’s paycheck. While a W-3 is a summary of all employee W-2 forms within the company. Once the forms are filled out, they are ready to be filed.
