Articles for: IRS
Internal Controls – A Focus of IRS Plan Audits
One of the ways that the IRS tries to ensure that plans are in compliance with the law or are following the terms of their plan is to audit the [...]
Key words: audit,internal controls,IRS
IRS Answers Questions at Recent Benefits Conference
Recently the IRS had a question and answer session at the 2013 Los Angeles Benefits Conference. These were questions that were submitted by attendees and the IRS officials gave their [...]
Key words: forfeitures,Form 5500,IRS,operational error
What is the “IRS Correction Program” and how can I benefit from it?
The Internal Revenue Service (IRS) offers the Employee Plans Compliance Resolution System (EPCRS) so that sponsors of retirement plans may maintain the qualified status of their plan. The EPCRS has [...]
Key words: IRS
Will a default on a 401(k) loan affect a participant’s credit?
Defaulting on a plan loan does not affect your credit. However, a defaulted loan balance does become taxable income to you. Generally, a plan loan is considered in default at [...]
Key words: 401k,form 1099-R,IRS,loan default
What advantages do cash balance plans offer employers?
Cash balance plans are a variation of the defined benefit plan (pension) that appear to the participant to be account balance based. By giving the participants an annual statement displaying [...]
Key words: Cash Balance,IRS,Pension