Mastering Form 5500 Schedule H: Avoiding Audit Triggers

BarbriSFCourseDetails

Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Accounting

Date & Time

event Date
Tuesday, May 17, 2022
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
110 minutes

Credit Information

BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00

CPE

ALL

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.

Faculty

Christopher Ciminera

Principal, Accounting & Auditing

Belfint Lyons & Shuman, PA

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 her own specialty consulting firm, she was a delivery group manager and Form 5500 expert at Hewitt Assoc.

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Description

Schedule H of Form 5500 provides important plan financial and compliance detail to the IRS and DOL. Schedule H is generally required to be completed and attached to Form 5500 for plans that cover more than 100 participants. A completed Form 5500 Schedule H will appropriately report the financial position of the plan and communicate answers to a series of compliance questions.

Effective for plans with years ending after December 15, 2021, Statement on Auditing Standards 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, makes changes to the independent qualified public accountant’s audit opinion, which changes how a preparer will fill out Part III of the Schedule H. Retirement plan professionals need to be aware of the recent changes made to the Form 5500 to properly complete it.

Listen as our experienced panel provides a thorough and practical guide to mastering Form 5500, with a specific emphasis on Schedule H, Financial Reporting for Employee Benefit Plans, as well as the impact of recent accounting changes to Form 5500 filing requirements.

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?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Identify difficult-to-value plan asset reporting on Part I Line 15
Determine the impact of proposed changes to Form 5500 filing requirements on specific plans
Recognize potential issues in reporting fidelity bond requirement
Distinguish risk areas in Part IV Compliance Questions
Decide when amendments or corrections to Schedule H may be necessary

Field of Study: Taxes
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of Form 5500 reporting requirements, understanding of methods of identifying and valuing exempt plan assets; familiarity with presentation of financial position of plan assets, verifying bond coverage, and reviewing accountant's reports on retirement plan audits.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.