IRS To Focus on Qualified Retirement Plan Failures

Here is a piece that is very much related to the discussion that I have just started - IRS To Focus on Qualified Retirement Plan Failures.

It includes the following which clearly illustrates the value of finding and correcting any operational failures on your own.

"Because the failures were uncovered during an IRS audit, in addition to making the required correction the plan sponsor was required to pay a penalty that was 8 times higher than the fee which would have applied for a voluntary compliance prior to notice of the IRS audit. The pre-negotiation penalty asserted by the IRS was about 16 times the voluntary compliance fee."

I plan to discuss some of the common operational failures in future posts.