Top IRS and DOL Audit Issues for Retirement Plans
Due to the myriad IRS and DOL compliance requirements for retirement plans, employers need to prioritize their efforts in establishing and maintaining internal controls related to them. The law firm of McDermott Will & Emery assembled the IRS and DOL data requests in audit letters sent during the past five years. They then catalogued each request by topic and frequency of recurrence, and also reviewed issues the agencies have identified as areas of recent focus. In this article they have compiled the results to create a checklist of retirement plan compliance issues that were the most often cited by the IRS and DOL.
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