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Retirement plan sponsors should be aware of a new Internal Revenue Service IRS pilot program, which permits plan sponsors to conduct a pre-examination check-up of retirement plan administration before the IRS begins a plan examination.
Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues...
Attorneys say plan sponsors have a couple of strong incentives to identify and correct any compliance failures upon receiving a pre-audit letter under a new IRS program.
The IRS announced in its June 3 Employee Plans Newsletter a new 90-day Pre-Examination Compliance Pilot Program. Under the program, which is in effect, the IRS will notify an employer...
On June 3, 2022, the IRS announced a new pre-audit compliance program for retirement plans beginning immediately in June 2022 (the “Pilot Program”). Under the Pilot Program, the IRS...