AlbanyConsultant Posted October 15, 2017 Share Posted October 15, 2017 My staff and I are really tired of keying in all the assets held, especially since we see it is a page in the audit report. Does anyone just copy the pages from the audit report and include it that way? Does that work (i.e., not get dinged by the IRS/DOL)? Thanks. Link to comment Share on other sites More sharing options...
ESOP Guy Posted October 15, 2017 Share Posted October 15, 2017 3 hours ago, AlbanyConsultant said: My staff and I are really tired of keying in all the assets held, especially since we see it is a page in the audit report. Does anyone just copy the pages from the audit report and include it that way? Does that work (i.e., not get dinged by the IRS/DOL)? Thanks. Yes it works and no it isn't a problem. In fact if I think I can get away with it when I send the auditor a draft of the 5500 it doesn't include the attachment and see if the auditor gives it to me. As far as I am concerned there is no way the client is paying two firms to the do the job that makes zero sense from their perspective. Link to comment Share on other sites More sharing options...
Peter Gulia Posted October 16, 2017 Share Posted October 16, 2017 Consider entering for the electronic schedule a general description and a cross-reference to the attached report. Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
chc93 Posted October 16, 2017 Share Posted October 16, 2017 Since the list of assets held for investment has always been a supplemental schedule in the audit report (from various auditors), we've always simply attach that supplemental schedule from the audit report as a separate attachment to the Sch H. Never had a problem over the years. Link to comment Share on other sites More sharing options...
RatherBeGolfing Posted October 16, 2017 Share Posted October 16, 2017 22 minutes ago, chc93 said: Since the list of assets held for investment has always been a supplemental schedule in the audit report (from various auditors), we've always simply attach that supplemental schedule from the audit report as a separate attachment to the Sch H. Never had a problem over the years. Same here. EDIT: Not always a copy from the audit report. Most platforms have an import option that eliminates most of the work though... Link to comment Share on other sites More sharing options...
TommyGunn13 Posted October 17, 2017 Share Posted October 17, 2017 I have been doing it for years also, and never had an issue. Link to comment Share on other sites More sharing options...
Juan Kelly Posted October 18, 2017 Share Posted October 18, 2017 Rarely, do the rtwo sets of entries agree! Link to comment Share on other sites More sharing options...
chc93 Posted October 18, 2017 Share Posted October 18, 2017 Juan... just curious. What "two sets of entries" are you referring to... Link to comment Share on other sites More sharing options...
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