Employee Benefit Plans

GCS has extensive and specialized experience in servicing the needs of Employee Benefit Plans.  With the increased IRS scrutiny of Forms 5500 in recent years, and the numerous compliance requirements and potential penalties that exist, the selection of a highly qualified firm to perform your company plan’s audit and/or tax filings is highly recommended.

Audits of Financial Statements of Large Plans (including DOL Limited Scope Audits) to Satisfy Form 5500 Audit Requirement

GCS is a member of the AICPA Employee Benefits Audit Quality Center and all professionals servicing clients in this area are enrolled in ongoing professional education focused on audits of these entities.  We can assist you in evaluating whether you require an audit, and if so, provide the guidance you need to be fully prepared to fulfill your responsibilities as the plan sponsor and/or administrator.  Our audit engagements are followed with a letter of recommendations designed to improve internal controls and help management ensure the plan document is properly designed and operating in compliance with the Internal Revenue Code.

Tax Compliance and Preparation of Forms 5500

GCS provides tax compliance services to employee benefits plans of all types and sizes.

Audit Readiness Assistance

GCS can assist and advise your company’s internal accounting staff with its preparation for an independent audit to be conducted by an audit firm other than GCS.  This service is especially helpful to larger entities with limitations on available or experienced staff.  Such services include drafting the plan’s financial statements, preparing schedules and workpapers, obtaining and assembling plan accounting and records and compliance reports from third-party administrators, documentation of internal controls, coordinating audit planning and preparation with your independent auditors.