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Woods Rogers

They’re Back: IRS Announces Phase 2.0 of Pre-Audit Compliance Pilot

Woods Rogers on

On February 7, 2024, the IRS announced it has started the second phase of the Pre-Examination Retirement Plan Compliance Program pilot. (IRS Employee Plans News, February 7, 2024) Original Program Pilot - The initial...more

Bricker Graydon LLP

Why Time is of the Essence More than Ever in Correcting Retirement Plan Errors

Bricker Graydon LLP on

Errors in retirement plans happen even to the most well-intentioned plan sponsors. Several decades ago, the IRS published the first version of the Employee Plans Compliance Resolution Program (EPCRS), which outlines...more

McGuireWoods LLP

IRS Issues Interim Guidance Under Expanded EPCRS

McGuireWoods LLP on

Recently, the IRS released Notice 2023-43, providing interim guidance on Section 305 of the SECURE 2.0 Act of 2022, which expanded the Employee Plans Compliance Resolution System (EPCRS), the system through which plan...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

Proskauer - Employee Benefits & Executive...

IRS Opens Determination Letter Program to Individually Designed 403(b) Plans

On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). Although...more

Pullman & Comley - Labor, Employment and...

Mortgage or other Third Party Loan Investments in Your Plan?  Do they Pass Muster under IRS Issue Snapshot?

The IRS Issue Snapshot-Third Party Loans from Plans dated August 23, 2022 is a short advice document for examiners to use when auditing tax-qualified retirement plans that invest in mortgages or other third party loans. IRS...more

BCLP

Alert: New IRS Retirement Plan Compliance Program

BCLP on

Dear Plan Sponsor - Have you received a letter from the IRS with respect to your retirement plan? If so (or if not, but you want to be prepared in the event you do receive “the letter”), read on....more

Laner Muchin, Ltd.

Plan Administrators of Retirement Plans Need to Prepare for New IRS Pre-Examination Compliance Pilot Program

Laner Muchin, Ltd. on

On June 3, 2022, the Internal Revenue Service (IRS) announced a new pilot program aimed at qualified retirement plan compliance. Pursuant to the program, the IRS will issue a letter to the plan administrator which provides a...more

Holland & Knight LLP

IRS Announces Retirement Plan Compliance Pilot Program

Holland & Knight LLP on

Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues using the Voluntary Correction Program,...more

Blank Rome LLP

IRS Pilot Program Gives Employers Heads-Up on Retirement Plan Audits

Blank Rome LLP on

The Internal Revenue Service (“IRS”) has announced a pilot program that begins this month in which they will send letters to employers letting them know that their retirement plan has been selected for examination. Under...more

McGuireWoods LLP

IRS Announces New Audit Program for Retirement Plans

McGuireWoods LLP on

On June 3, 2022, the IRS announced it is launching a pilot pre-examination retirement plan compliance program, which generally will be effective immediately (June 2022). This pilot program essentially gives plan sponsors a...more

Woods Rogers

IRS Announces Another Compliance (Audit) Pilot Program. Oh joy!

Woods Rogers on

In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will...more

Verrill

IRS Announces New Pilot Program for Retirement Plan Audits

Verrill on

On June 3, 2022, the Internal Revenue Service (“IRS”) announced a new pre-examination compliance pilot program beginning in June 2022. Under the pilot program, the IRS will notify a plan sponsor by letter that its retirement...more

Kilpatrick

IRS Announces Pre-Audit Compliance Pilot Program

Kilpatrick on

On June 3, 2022, the IRS announced a new pre-audit compliance program for retirement plans beginning immediately in June 2022 (the “Pilot Program”). Under the Pilot Program, the IRS will send a pre-audit letter to plan...more

McDermott Will & Emery

Need a Do-Over? IRS Expands and Updates Qualified Plans Correction Guidance

McDermott Will & Emery on

The Internal Revenue Service (IRS) issued Revenue Procedure 2021-30, which provides an updated version of the Employee Plans Compliance Resolution System (EPCRS). EPCRS is the IRS’s comprehensive program for plan sponsors to...more

Snell & Wilmer

Updated Nonqualified Deferred Compensation Plan Audit Guide

Snell & Wilmer on

In June the Internal Revenue Service released an updated Nonqualified Deferred Compensation Audit Technique Guide. This updated Guide replaces the initial Guide published in 2015. While it is too early to say whether the...more

Morgan Lewis

IRS Expands Self-Correction Procedures, but Eliminates Anonymous Voluntary Correction Program

Morgan Lewis on

The Internal Revenue Service (IRS) made important changes to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2021-30 that are helpful for plan sponsors as they expand the ability of plan sponsors...more

Groom Law Group, Chartered

IRS Updates Audit Guide for Nonqualified Plans

The IRS recently updated its Nonqualified Deferred Compensation Audit Techniques Guide. The updated June 2021 Guide (the “2021 Guide”) replaces the previous version published in June 2015 (the “2015 Guide”), and provides a...more

Holland & Hart - The Benefits Dial

Might as Well Face It… Your Annual Retirement Plan Audit is Not a Clean Bill of Health

With calendar year-end Form 5500s due on July 31, or October 15 with an extension (and still no COVID-19 filing relief as of the date this blog was published), it’s that time of year where plan sponsors begin thinking about...more

Carlton Fields

US Treasury and IRS Targets for Audit

Carlton Fields on

On October 8, 2019, the U.S. Department of Treasury and the IRS released the 2019-2020 “Priority Guidance Plan” for the 12-month period running from July 1, 2019, through June 30, 2020. The plan sets out the agencies’...more

McDermott Will & Emery

IRS Expands Self-Correction Program, Provides Welcome Relief for Plan Sponsors

McDermott Will & Emery on

The IRS recently released an updated version of EPCRS, the IRS’s program for correcting errors that occur under tax-qualified retirement plans. The latest version of EPCRS makes it easier for plan sponsors to self-correct...more

Snell & Wilmer

To Err is Human – To Forgive is Up to the IRS in Rev Proc 2019-19

Snell & Wilmer on

The IRS recently issued its latest version of the Employee Plans Compliance Resolution System (“EPCRS”) in Rev. Proc. 2019-19. The EPCRS is the IRS program that assists employers in correcting both operational and document...more

Burr & Forman

Correcting Retirement Plan Errors Just Got Easier

Burr & Forman on

The Internal Revenue Service (IRS) issued Revenue Procedure 2019-19 on April 19, 2019, updating the Employee Plans Compliance Resolution System (EPCRS) to expand the types of plan errors that can be corrected under EPCRS....more

McDermott Will & Emery

IRS Corrections Go Digital in 2019

McDermott Will & Emery on

Late last month, the IRS released the latest version of its Employee Plans Compliance Resolution System, the IRS’s program for correcting retirement plan errors. The newest version of the correction program—effective...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

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