IRS Adds Tools to Help Prepare for Plan Audits
June 19, 2009 (PLANSPONSOR.com) - The Internal
Revenue Service (IRS) has recently added updated tools to its
Employee Plan Team Audit (EPTA) Web site.
An
Internal Controls Questionnaire
provides examples of questions asked by EP examiners
to understand the system procedures and internal controls.
The questionnaire is broken up into four areas: Human
Resources (HR) personnel; payroll; plan failures; and plan
administration.
The
EPTA Compliance Trends & Tips
area lists plan mistakes that IRS Employee Plans
sees recurring in large case audits and voluntary
compliance submissions. The site categorizes the trends by
plan types, including 401(k) plans, defined benefit plans,
multiemployer plans, 403(b) plans, 457 plans, and other
governmental plans. The area also includes links to videos
on the EPTA program and on information about finding,
fixing and avoiding plan errors.
Finally, the
Taxpayer Documentation Guide
, developed by EPTA agents and outside practitioners,
provides a comprehensive list of documents that sponsors
should make available to examiners for the audit.
The latest IRS newsletter for retirement plan
sponsors is
here
.
Rebecca Moore
editors@plansponsor.com