Bloomberg Law
Aug. 11, 2022, 4:00 PM

IRS Pilot Gives Benefit Plans Chance to Fix Errors Before Audit

Austin R. Ramsey
Austin R. Ramsey

Workplace benefits plans facing an IRS audit now have the chance to correct errors before investigators come knocking, thanks to a pilot program aimed at reducing the examination workload on both plan professionals and agency personnel.

About 100 US employee benefit plans, including retirement plans, have received pre-audit compliance letters from the IRS since June. Those plans have a 90-day window to fix mistakes in plan design, administration, or documentation before regulators launch formal audits or close out their case files.

For the hundreds of private-sector benefit plans the IRS investigates each year, a window of opportunity to fix mistakes ...

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