>The company disclosed this finding in its annual report, according to Dow Jones. The company stated that it plans to discuss the conclusion with the IRS before a final decision is reached at the agency.
>The tentative ruling is based on a transfer made by BOA employees from their 401(k) account to the company pension plan. The anti-cutback rule generally prohibits defined contribution plans from eliminating or reducing a benefit that has already accrued.
>The company admitted last year that the practice was being reviewed by the IRS. According to the annual report, the tax agency informed the company of the preliminary conclusion on December 10, 2004.
>BOA believes that it could take up to two years for the IRS audit issues to be resolved, according to Dow Jones.