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ARTICLE · 23 JUNE 2022

IRS Announces Pre-Examination Compliance Pilot Program For Qualified Retirement Plan Sponsors

Kutak Rock LLP
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On June 3, 2022 the Internal Revenue Service ("IRS") announced a pilot audit program and has already issued notices to retirement plan sponsors.

United StatesEmployment and HR
Employee Benefits and Executive Compensation Practice Group
Employee Benefits and Executive Compensation Practice Group

On June 3, 2022 the Internal Revenue Service ("IRS") announced a pilot audit program and has already issued notices to retirement plan sponsors. This pilot program notifies retirement plan sponsors that they have been selected for an audit and gives them 90 days to prepare and self-correct plan errors. A plan sponsor that takes quick action upon receipt of the letter may be able to narrow the scope of the audit, reduce or eliminate potential fines by self-correcting any issues before the audit starts, or even avoid the audit entirely.

The IRS' announcement was very short, and we hope more details will be provided. While details of the program are unclear, the IRS has stated that its goal with this pilot program is to reduce taxpayer burden and the amount of time the IRS spends on examinations. This client alert summarizes what is currently known about the program and what to do if you receive a letter from the IRS.

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