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ARTICLE · 03 JUNE 2013

U.S. Plan Audit Activity Is On The Rise – How To Lower Your Risk

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A number of recent reports indicate why you may receive special scrutiny if your plan is selected for audit or investigation.

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Does your 401(k) plan pay higher than average fees? Do you have more than one qualified plan?

A number of recent reports indicate why you may receive special scrutiny if your plan is selected for audit or investigation. Statements by officials at the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) also provide guidance about how to survive the audit process without being subjected to penalties or enforcement action. Here is some information about new projects and what the auditors will be looking at, and some advice how to prepare.

The 401(k) Questionnaire Project

In 2010, I wrote about an IRS 401(k) questionnaire that had been mailed to certain 401(k) sponsors. The IRS has released its report of the results, and the most common errors it found. Here is a link to an IRS summary of results.

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