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MABC Mid-Atlantic Area Employee Plans

MABC Mid-Atlantic Area Employee Plans. Presented by:. Cathy Jones EP Mid-Atlantic Area Manager, IRS . Catherine.L.Jones@irs.gov. Steve Detillian EP Group Manager 7629, IRS . Stephen.A.Detillian@irs.gov. Compliance Projects & Programs.

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MABC Mid-Atlantic Area Employee Plans

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  1. MABCMid-Atlantic AreaEmployee Plans

  2. Presented by: Cathy Jones EP Mid-Atlantic Area Manager, IRS Catherine.L.Jones@irs.gov Steve Detillian EP Group Manager 7629, IRS Stephen.A.Detillian@irs.gov

  3. Compliance Projects & Programs • Risk Assessment & Exam Project • LESE • ATAT • Multi-Employer • 401(k) • 403(b)/457 • IRA • Focused

  4. Emerging Issues • Excess assets in DB plans • Rollovers as Business Start Ups (ROBS) • IRC 409 (p) compliance

  5. Audit Selection Criteria • Project cases • Referrals

  6. EPCRS Update MA Examinations

  7. www.irs.gov/ep Top Ten Issues Found in AuditsThe most common issues that can be identified during the planning and initial stages of an EPTA audit. Plan document issues 402(g) issues Distribution issues ADP/ACP testing issues Acquisition issues Vesting issues

  8. Correcting Plan Errors www.irs.gov/ep The Employee Plans Compliance Resolution System EPCRS Revenue Procedure 2006-27

  9. SCP Issues • Spousal consent not secured per IRC 417 • IRC 401(a)(9) • Service crediting not done properly • Incorrect compensation used • Improper matching contribution • Late contributions on employee deferrals • IRC 402(g) excess

  10. Audit CAP Issues • Form defects • Plan not timely updated for 401(a)(9) • Good faith EGTRRA amendments not timely adopted • No verification that “Acquired Plan or merged plan” were qualified • Universal availability • Participation Agreements not adopted

  11. QUESTIONS

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