Mastering Form 5500 Schedule H: Avoiding Audit Triggers
Financial Information Reporting Requirements, Identifying Valuation Challenges and Expanded Compliance Questions
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE video webinar with Q&A
This course will provide employee benefits professionals and tax advisers with a practical and comprehensive guide to completing Form 5500, specifically focusing on Schedule H, Financial Information. Our panel will offer specific guidance on completing the Schedule H including proper classification of items on the schedule, how to report the financial information properly, how to properly report the auditor’s opinion, how to properly understand and how to complete the compliance question section while focusing on red flags to the DOL and IRS. Our panel will also focus on recent changes made to Schedule H so professionals are aware of the potential pitfalls in preparing the schedule.
Outline
- Key Schedules to Form 5500
- Recent changes to Form 5500 Schedule H
- Schedule H Plan Asset Valuations on Part I
- Income and Expenses Reporting on Part II
- Accountant's opinion as an audit trigger
- Compliance Questions
Benefits
The panel will discuss these and other important issues and challenges:
- How to properly classify and report financial information?
- How do the DOL and IRS use this information and what might trigger communications from these agencies?
- Challenges when completing Schedule H and how to overcome them.
- What impact will SAS 136 have on completing the Form 5500 Schedule H?
- Why the DOL and IRS are asking the compliance questions and how to properly complete this section?
Faculty
Christopher Ciminera, CPA, QKA
Principal, Accounting & Auditing
Belfint Lyons & Shuman
Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services... | Read More
Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services department where he specializes in auditing employee benefit plans of for-profit, nonprofit, and governmental entities. He also specializes in Form 5500 preparation. When necessary, Mr. Ciminera helps clients navigate and prepare filings for corrections of plan errors or late filings through the DOL Voluntary Fiduciary Correction Program, IRS Voluntary Correction Program, and DOL Delinquent Filer Voluntary Compliance Program.
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Linda T. Fisher
Owner
Linda T. Fisher 5500 Consulting
Ms. Fisher has more than 25 years of employee benefits experience with advisory firms and corporations. Before starting... | Read More
Ms. Fisher has more than 25 years of employee benefits experience with advisory firms and corporations. Before starting her own specialty consulting firm, she was a delivery group manager and Form 5500 expert at Hewitt Assoc.
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