10 mistakes that could trigger a 401(k) plan audit
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1. Missteps with the plan's eligibility requirements.
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2. Misinterpretation of the vesting period.
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3. Violation of break-in-service rules.
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4. Errors in calculating employee contributions.
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5. Miscalculations for profit-sharing contributions.
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6. Mismanagement of employee requests.
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7. Late or inconsistent payment of employee deferrals.
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8. Increasing forfeiture accounts.
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9. Improper tax witholdings when employees take distributions.
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10. Confusion over service provider contracts.