Dean Smith, CPA Audit & Accounting Partner Revisions affecting defined contribution plans (including 401(k), money purchase and ESOP plans) subject to independent audits have been issued for 2023 plan years and beyond. On February 24, 2023, The Department of Labor and Internal Revenue Service issued final forms and related revised instructions for the 2023 Form 5500 filing series. The release includes what could be a significant change in the definition of a participant for purposes of determining whether the plan has exceeded the threshold to be considered a large plan, where an independent audit is required to be included
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