IRS Compliance Pilot Gives Retirement Plan Sponsors Grace Period
BB&K’s Susan Neethling and Helen Byrens Detail IRS’ New Compliance Program in Bloomberg Tax Article
Best Best & Krieger LLP Of Counsel Susan Neethling and Associate Helen Byrens recently published an article in Bloomberg Tax. In their piece, “IRS Compliance Pilot Gives Retirement Plan Sponsors Grace Period,” Neethling and Byrens discuss the program, which launched in 2022, as well as next steps plan sponsors should consider.
The program gives any retirement plan sponsor whose plan has been selected for examination 90 days to review the plan document and operations to determine if they satisfy all tax law requirements. Depending on its findings, the IRS will either issue a closing letter or conduct a limited or full-scope examination. The intent is to reduce taxpayer burden and the time spent on retirement plan examinations. Although they did not state how long the pilot program will last, when it ends, the IRS will evaluate whether the program should be implemented permanently.
Find the full article online here.