News & Analysis as of

Audits Internal Revenue Service 401k

Allen Barron, Inc.

What Can A Tax Attorney Do For You? A Podcast With Janathan Allen

Allen Barron, Inc. on

Janathan Allen discusses what a tax attorney brings to the table that many other don’t. Ms. Allen notes that many attorneys don’t like numbers and yet there is so much in the business world that focuses upon the numbers...more

Davis Wright Tremaine LLP

IRS Delays SECURE 2.0 Roth Requirement for Catch-up Contributions Until 2026

On Friday, Aug. 25, 2023, the IRS announced a two-year reprieve for employers on the implementation of SECURE 2.0's requirement that catch-up contributions made by higher-income participants be designated as after-tax Roth...more

Holland & Hart - The Benefits Dial

Should I Pay Or Should I No(t) Now: Which Expenses Can be Paid with Plan Assets?

One question that often comes up is whether an expense related to an ERISA plan can be paid with plan assets. The decision of whether to use ERISA plan assets to pay an expense is an ERISA fiduciary decision. With the recent...more

Kerr Russell

IRS Pilot Program Provides 401(K) Plans Rare Pre-Audit Notice And Correction Window

Kerr Russell on

It is often too late to correct 401(k) plan document or operation errors once an audit letter is received without incurring significant penalties from the IRS....more

Foley & Lardner LLP

401(k) Compliance Check #6: Have You Recently Checked Your 401(k) Plan’s Definition of Compensation for Deferral and Match...

Foley & Lardner LLP on

In last month’s Compliance Check, we discussed how to handle a situation where the 401(k) plan administrator is unable to reach a plan participant, i.e., a “missing participant.” In this month’s Compliance Check, we focus on...more

Foley & Lardner LLP

Do the New IRS Nonqualified Plan Audit Guidelines Mean Section 409A Audits are Coming?

Foley & Lardner LLP on

The IRS updated its Nonqualified Deferred Compensation Audit Techniques Guide (the “2021 Guide”) in June 2021. The 2021 Guide replaces a similar guide that was published in June 2015. The 2021 Guide does not shed new...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When the government calls, call an ERISA attorney

The worst thing you can do is to handle things that you can’t. The one thing that plan sponsors can’t handle and shouldn’t is when they are contacted by the Internal Revenue Service and Department of Labor for an audit of...more

Foley & Lardner LLP

Acquiring a New 401(k) Plan in an M&A Transaction… Now What?

Foley & Lardner LLP on

401(k) Plan Mergers and Updated IRS Determination Letters - As part of an M&A transaction, your company may assume a new 401(k) plan that is sponsored by the acquired business. This article includes some common questions...more

Neal, Gerber & Eisenberg LLP

Employee Benefits Alert

Use of Forfeitures for Safe Harbor Contributions, QNECS and QMACS - The Internal Revenue Service (IRS) recently issued final regulations allowing forfeitures in 401(k) plans to be used to fund safe harbor contributions,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

On The Form 5500, sometimes the answer lands you in trouble

When you’re filing that Form 5500, just notice that certain answers may likely lead you to an Internal Revenue Service or Department of Labor audit....more

Proskauer - Employee Benefits & Executive...

Protecting Your Qualified Retirement Plan Now that the IRS Determination Program is (Mostly) Closed

A lot has been written over the last few months about what to do now that the IRS has closed its determination letter program for ongoing individually designed tax-qualified retirement plans....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Forfeitures can be a compliance headache

Defined contribution plans such as 401(k) plans have a forfeiture provision if there are contribution in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected...more

Snell & Wilmer

IRS Audit Techniques Guide Provides Helpful Reminders for Sponsors of NQDC Arrangements

Snell & Wilmer on

Last summer the Internal Revenue Service updated its Audit Techniques Guide (“ATG”) for nonqualified deferred compensation arrangements. While the ATG provides little instruction on how the IRS will review nonqualified...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - February 2016

The Complete And Total Worthlessness Of The 401(k) Fiduciary Warranty - I am a firm believer in the idea that what you see is what you should get. If you’re promised the moon, anything short of it is wrong. Some of the...more

Poyner Spruill LLP

New Projects and Updates From the IRS Employee Plans Compliance Unit

Poyner Spruill LLP on

The IRS Employee Plans Compliance Unit (EPCU) recently announced two new projects and updated two others. In each case EPCU is using compliance checks as a tool to increase IRS enforcement presence and ensure compliance....more

Bradley Arant Boult Cummings LLP

IRS Updates Guide to Auditing Nonqualified Deferred Compensation Plans

The Internal Revenue Service (IRS) recently updated its “Nonqualified Deferred Compensation Audit Techniques Guide.” The Guide provides a framework for the IRS to audit nonqualified deferred compensation (NQDC) plans. Since...more

King & Spalding

Update on 401(k) Plan Errors

King & Spalding on

The Internal Revenue Service (“IRS”) recently updated its informal guidance about 401(k) plan errors. The updated materials contain simple guidance that is helpful for both identifying and correcting mistakes and avoiding...more

Pullman & Comley - Labor, Employment and...

401(k) Compensation – be Audit Ready

Failure to follow the 401(k) Plan Compensation definition for determining contributions is one of the top ten plan qualification failures and an area of IRS scrutiny during plan audits. This time of year, as you are gathering...more

BakerHostetler

Compliance Corner: Review of IRS 2013 Audit Priorities

BakerHostetler on

Although the Internal Revenue Service (IRS) is engaged in a variety of ongoing qualified plan compliance, education and audit projects, it is targeting certain types of retirement plans and activities in 2013....more

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