Could Happen to You
business owners worry about an income tax audit. But, if you
sponsor an employee benefits plan, the IRS could audit it as
Here are some common questions
that plan administrators and sponsors might ask about plan
Where's the bull's-eye?
The IRS targets plans in one of four ways:
1.As part of a special IRS initiative focusing on a specific
2.On a tip-off,
3.After discovering questionable or unusual items on a plan's
4.By random selection.
The agency says audits aren't merely a game of "gotcha." The
purpose is to develop corrective strategies and help plan
sponsors execute these strategies.
How can you prepare?
Before a plan audit, the IRS usually requests a list of
documents to review. An examiner then visits your office or
facilities to conduct the audit.
Like a tax audit, a plan audit is best dealt with in
consultation with a benefits expert. Make sure to authorize
this person to act on your behalf in writing, using the
required IRS form (Form 2848, "Power of Attorney and
Declaration of Representative"), and that he or she is
licensed to practice before the IRS.
What are auditors looking for?
The IRS typically examines a wide variety of plan operational
areas. For starters, it will likely look into whether all
eligible employees are properly participating, and whether the
plan is properly crediting service and vesting in the plan.
Naturally, contributions and distributions are often
investigated closely, too. And the agency may examine whether
the plan document and trust meet current tax law, as well as
whether you've timely and accurately filed federal returns and
Who can help?
If you receive a notice of an IRS plan audit, please give us a
call. We can work with your benefits advisor to gather the
necessary documents and help you navigate the process. Call us at
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,