IRS Pilot Program Gives Employers Heads-Up on Retirement Plan Audits
The Internal Revenue Service (“IRS”) has announced a pilot program that begins this month in which they will send letters to employers letting them know that their retirement plan has been selected for examination.
Under this new program, employers who receive the pre-examination notice will have a 90-day window to review their retirement plan’s documents and operations to see if they meet tax law requirements and notify the IRS. Employers who don’t respond within 90 days will be contacted by the IRS to schedule an examination.
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