IRS Hits a Home Run with New Pilot Program
The IRS Employee Plans Division has just announced a pilot program that will dramatically change the way that examinations are conducted.
The IRS Employee Plans Division has just announced a pilot program that will dramatically change the way that examinations are conducted.
The mortality tables affecting required minimum distributions have been updated after two decades.
Missing participants are a liability for any retirement plan.
A group formed as a permanent, chartered plan committee, provides an effective strategy for managing the challenges and responsibilities of plan oversight.
Using an inaccurate definition of compensation can be a small mistake that ends up being a big mistake. Such a failure directly affects contributions and can affect a few participants, all participants, or something in between. And even though the amounts involved may be small from payroll-to-payroll, they can go undetected (and therefore uncorrected) for many years, adding up to significant amounts required for correction.
Time is winding down for defined contribution plans to be restated by the July 31, 2022 deadline. Where are you in the process?
The IRS has eliminated the Anonymous VCP program effective December 31, 2021.