IRS Distributing 401(k) Questionnaire to Employers
Posted 5-19-2010 | By Christine Bentson
The IRS plans to randomly distribute a 401(k) plan compliance questionnaire to employers with the goal of reviewing several hundred 401(k) plans. Letters from the IRS are expected to be sent at the end of May. An employer who receives a letter will have 90 days to complete the questionnaire.
Technically, answering the questionnaire is voluntary; however the IRS has made it clear they would like it completed. The questionnaire is not an audit, but depending on the results they receive, the IRS could decide to conduct more 401(k) plan audits.
If you receive a letter from the IRS, answering the questionnaire should be handled by a specialist knowledgeable about 401(k) plan compliance. We would be happy to assist you if the need arises. Please contact Christine Bentson with questions at cbentson@hlbtr.com or 651-407-5808.