IRS Launches Compliancy Check Program for 401K Plans

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Earlier this year, the Internal Revenue Service (IRS) initiated a project to survey the level of 401(k) plan compliance with tax laws and regulations. As part of the project, the IRS sent a comprehensive questionnaire to a random sample of 1,200 plans across the country,selected from all plans that submitted a Form 5500 for the 2007 plan year. Plans selected to complete the questionnaire were notified by letter mailed to the

plan’s sponsor. Once the plan receives the notice by mail, the plan must complete the questionnaire online within ninety (90) days of the date of notice. A sample notice can be

found here: http//www.irs.gov/pub/irs-tege/letter1562v_epcu.pdf.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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