Employee Benefits Team

Within Somerset’s Employee Benefits Team, we have professionals and technical specialists who have been brought together to form a technical resource center to support our vision of managing Employee Benefit Plans for our clients.

Employee Benefits Team

Your Problem Solver - Hoping that your employee benefit plans are operating according to their terms and within the law is not enough. What you don’t know can hurt you. A program of regular review and analysis of your plan documents and their operation is essential to keeping your plans healthy. Major changes in benefits law within the past 25 years means that what worked in the past may no longer work today. The correction programs sponsored by the IRS are structured to provide financial incentives to plan sponsors for finding and correcting mistakes earlier rather than later.

Your Trusted Advisor - Look to Somerset CPAs when you need advice and guidance on simple benefit matters—such as understanding the basic operation of your plan, to more complex matters—such as dealing with transitioning benefits in a corporate merger or acquisition.

When the need for an audit becomes part of your fiduciary obligation, call on our experienced professionals. Somerset CPAs is a member of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. This is a national community of CPA firms that demonstrate a commitment to employee benefit plan audit quality and raise awareness about the importance of employee benefit plan audits.

Our unique approach to an initial year audit includes a pre-audit assessment to help you prepare. This then allows you the necessary time to accumulate the information with minimal disturbance to your normal operations. This is an important step that improves the efficiency and effectiveness of the audit process and should not be omitted.

Tax Services

• Advisory and consulting services
• Employer reviews
• Plan research
• Representation before IRS and other governmental agencies
• 5500 filings
• DFVC filings
• Plan analysis & design recommendations
• Compliance reviews
• 5300 & 5307 favorable determination letter filing
• 5310 termination determination letter filing
• 5330 return of excise tax filing
• Form SS4 - employer trust ID number
• Plan documents and amendments
• Summary plan descriptions (SPD) and summary material modifications (SMM)
• Mergers/acquisitions
• Takeovers
• Governmental requirements/IRS guidelines/general research

Assurance Services

• Financial statement audit services
  • Full and limited scope DOL compliance audits
  • SEC Form 11-K filings
• Pre-audit assessment services
• Employer reviews
• Compliance testing (ADP, ACP, etc.)

Employee Benefit Plan Commentator Newsletter

Click here to view a list of our current newsletters and article topics.

 

Debbie England, HR Manager, Northwest Radiology Network

“We utilize Somerset CPAs to provide employee benefit plan audit services. We value their high level of professionalism. The Somerset Employee Benefits Team always meets and even exceeds our expectations, and we are happy to recommend them to others.”

AICPA Employee Benefit Plan Audit Quality Center

Somerset CPAs is a member of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. This is a national community of CPA firms that demonstrate a commitment to employee benefit plan audit quality and raise awareness about the importance of employee benefit plan audits.