Law360 | Navigating The IRS Pre-Audit Retirement Plan Pilot Program

On June 3, the Internal Revenue Service Employee Plans function announced a new pilot program for retirement plans to promote compliance while reducing audit costs.

Under the Pre-Examination Compliance Pilot, which went into effect last month, the IRS notifies retirement plan sponsors 90 days in advance that their plan has been selected for an audit. The plan sponsor then has 90 days to review its plan documents and operations, and to correct any compliance issues that may be discovered.

Click here to read the full article written by Gary Blachman, Tara Sciscoe and Austin Anderson published in Law360.