Employee plans: guidelines for the resolution of qualification violations

Article Abstract:

Pension plans must be in compliance with IRC 401(a) to be considered qualified. The IRS's Employee Plans Key District Offices (EPKDO) examine pension plans to determine compliance and offer remedies to employers if a plan is found to be unqualified. Two programs the EPKDO offers allow qualification violations to be corrected retroactively and plans to remain qualified - the Closing Agreement Program and the Administrative Policy Regarding Sanctions Program. Relief is also available under IRC 401(b) and 7805(b).

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IRS outlines procedures for processing employee plans not amended timely under 1986 TRA

Article Abstract:

IRS Assistant Commissioner James McGovern has set forth procedures for employee benefit plans that have failed to make timely amendments pursuant to the Tax Reform Act of 1986. For plan sponsors that come forward voluntarily under the closing agreement program, the sanction will be capped at 40% of the maximum payment amount. The actual sanction amount negotiated will depend on factors such as timeliness, good faith and the type of plan defects that need to be amended.

United States, Tax compromises

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Administrative appeals of employee plan cases within the Internal Revenue Service

Article Abstract:

The IRS has increased the number of employee retirement plans that it is examining to see if the plans meet qualifications. This has increased the number of appeals the IRS hears. The IRS appeals system attempts to resolve conflicts over plans so that the conflicts do not lead to litigation. Using the IRS appeals system saves on legal costs. The procedures for handling an appeal before the IRS are included.

Management, Taxation, Tax administration and procedure, Tax administration, Tax appeals

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