10.27.2015 | eVisor
For 2016, the Employee Plans Team Audit (EPTA) division of the IRS is stepping up reviews of internal compliance controls for large plans – those with at least 2,500 participants. But it is not stopping there. Also targeted for review are tax-exempt 403(b) and 457(b) plans as well as collectively bargained multiemployer plans.
This initiative is in response to a perceived pattern of noncompliance and will target those the EPTA determines have the greatest potential for noncompliance. Typically, the EPTA conducts about 100 audits per year and it is not known if that number will increase. EPTA audits differ from other IRS plan audits. An EPTA audit limits its original review to internal plan compliance controls to determine if a further audit is then required.
Questions? Contact your Berdon advisor or Marc Ausfresser, J.D., LL.M. at 212.331.7639 | firstname.lastname@example.org