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Compliance July 11, 2013
IRS to Discuss Plan Corrections and Audits
The Internal Revenue Service (IRS) will host phone forums discussing 401(k) plan corrections and audits.
Reported by Rebecca Moore
On July 25, the agency will host EPCRS: Correcting 401(k) Plan Mistakes, and on August 29, it will host How to Prepare for an IRS Employee Plans Audit.
During the July 25 phone forum, the agency will discuss correcting common 401(k) plan mistakes under the Employee Plans Compliance Resolution System (EPCRS) Revenue Procedure 2013-12, and how to find, fix and avoid them. It will also answer questions received in advance.
August 29, the agency will provide the latest information about the Employee Plans Examinations process, including documents plan sponsors should have at the audit to show how their plan complies with the law. The discussion will also touch on IRS enforcement activities and compliance issues, including current audit initiatives, the Employee Plans large case program and follow-up enforcement projects based on the 401(k) Questionnaire.
More information about the phone forums is here.