Right from the Source: IRS Guidance for U.S. Plan Sponsors on Fixing Mistakes and Surviving IRS Employee Plan Audits

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Those of you who participated in our July 16 webinar on plan fix-it programs heard us emphasize the importance of self-audits and internal controls to increase your chances of coming out clean in an employee plan audit. If you missed it, here are the handouts from that session and a link to the podcast on osler.com.

In my presentation, I mentioned the IRS Phone Forum Program, in which IRS personnel present educational programs for the retirement plan community. These programs are free and anyone can sign up for them. They are an excellent way to keep abreast of the IRS’ current thinking on issues and enforcement. It is possible to submit questions in advance for the speakers.

There are three upcoming programs that will be of interest to U.S. plan sponsors, and based on our experience participating in past programs, we recommend them. These programs are: “Correcting 401(k) Plan Mistakes” on July 25, a program on “The Importance of Good Internal Controls” on August 8, and a program on “How to Prepare for an IRS Employee Plans Audit” on August 29. Attached is a link to the registration information on the IRS website.

Forewarned is forearmed. Penalties for violations are high, and it is always less expensive to correct mistakes if you catch them before the IRS does.