Barbara Weltman

Big Ideas for Small Business, Inc.

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New Pre-examination Retirement Plan Compliance Pilot Program

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The IRS announced a new pilot program giving sponsors of qualified retirement plans a heads up and a chance to make corrections before an examination. The IRS will send a letter giving 90 days for sponsors to review their plan’s documents and operations and make corrections under the existing voluntary compliance program (EPCRS). If mistakes are found and can’t be self-corrected, sponsors can request a closing agreement and pay set fees. #IdeaoftheDay