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ERISA and Employee Benefits Law Practice
IRS Audits and Department of Labor Investigations
Recently, the IRS Chief Enforcement Officer has announced
that there is a renewed emphasis on auditing qualified retirement plans
and that the IRS will be targeting its efforts to identify plans that
are not in compliance with the tax code. IRS has also increased staffing
for plan audits. Failure to comply with the tax code qualification rules
in any respect can result in disqualification of a retirement plan in
an audit, with disastrous financial consequences for the employer, business
owners, and other plan participants. We can provide assistance in planning
for IRS audits and working with the IRS to resolve any issues and minimize
the financial exposure. We also work with employers to review qualified
plans and voluntarily correct errors before an audit is initiated.
The Department of Labor continues to focus on whether employers are
timely depositing 401(k) deferral contributions withheld from employee
paychecks, as well as other compliance issues under ERISA. We provide
advice and counseling to review employer practices and make sure that
plans are in compliance before a Department of Labor investigation occurs.
In the event of an investigation, we can work with DOL officials to
resolve any issues.
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