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 ...