Compliance March 18, 2005

IRS Releases K Plan Audit Guide

March 18, 2005 (PLANSPONSOR.com) - Responding to public requests that the Internal Revenue Service (IRS) disclose more about how it goes about auditing K plans, the IRS has released an online Examination Process Guide to clarify the process.
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>The guide’s sections cover, among other topics:

  • the initiation of an examination
  • communications during the examination
  • resolution of issues
  • closing and appealing the examination.

The IRS publication  also provides links to the IRS Web site to help plan sponsors monitor whether their plans are in compliance (including links to the examination guidelines and the Employee Plans Compliance Resolution System).

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>It includes a compendium of IRS guidance, forms, and other information applicable to employee plans examinations and information about getting education materials, retirement forms and publications for participants, as well as information for participants regarding their rights.

>The document also provides information on plan compliance inPuerto Rico, including a comparison chart highlighting the differences in US and Puerto Rican K plans.

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