Regulatory and Legislative

IRS Announces Second Phase of Pre-Examination Compliance Pilot

The IRS, in an Employee Plans News release, announced it has started the second phase of its pre-examination retirement plan compliance program pilot. The first phase of the program included notifying 100 plans they were selected to pre-examination, with a 72 percent response rate, according to the IRS. The IRS’ stated goal is to reduce taxpayer burden, reduce time spent on retirement plan examinations, and encourage self-correction. The duration of the second phase of the pilot was not specified, but the IRS will evaluate the effectiveness of the program to determine if it will become part of their overall compliance strategy.