Robert B. Wynne and Alexia L. Faraguna of McGuireWoods LLP, have made available for download their article, “IRS Announces New Audit Program for Retirement Plans,” published on McGuireWoods’s website. The abstract is as follows:
On June 3, 2022, the IRS announced it is launching a pilot pre-examination retirement plan compliance program, which generally will be effective immediately (June 2022). This pilot program essentially gives plan sponsors a heads up prior to an IRS audit of their tax-qualified retirement plan, such as a 401(k) or defined benefit plan, and allow such plans to potentially use the IRS self-correction program to fix any discovered errors at a lower cost.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.