Mistakes You Should Avoid As A Plan Sponsor When Dealing With An IRS/DOL Audit

I was at the local bagel store buying bagels for my family (I kind of swore them off when I discovered they made me pre-diabetic) and diet soda for myself. The woman at checkout remarked how bad diet soda wasn’t for me, but acknowledged she smokes cigarettes, which I never have since my grandfather died of lung cancer. People tend to focus on the wrong things and a plan sponsor tends to focus on the wrong things. One of the biggest dangers to them as plan fiduciaries and their pocketbook is an audit by the Internal Revenue Service (IRS) and/or the Department of Labor (DOL), yet most act nonchalantly about it. The problem is they make mistakes and this article is all about warning you as a plan sponsor, not to make them.