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IRS & DOL Audits
The Ryding Company can help plan sponsors through the examination process, addressing various concerns, and offer the employer an overview of the IRS and DOL audit process.
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What is a Plan Audit?
Every year the Department of Labor (DOL) and the Internal Revenue Service's (IRS) Employee Plans Compliance Program (EP) perform thousands of audits of employee benefit retirement plans. Even under the best conditions, these audits can be extremely stressful and time-consuming for an employer. The Ryding Company can help guide you through the examination process, address various concerns, and offer an overview of the IRS and DOL audit process. We can represent you before the IRS or DOL in the event of an audit to allow you to focus on your business.
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IRS Employee Plans Office (EP)
The IRS Employee Plans Office (EP) is responsible for ensuring that plan sponsors, individuals, and benefits practitioners understand and comply with the tax law governing retirement plans and IRAs. The goal of Employee Plans (EP) Examinations is to promote voluntary compliance by reviewing the operation of retirement plans for consistency with plan terms and pension law. During an EP audit, the focus is on participation, vesting and funding issues, plan compliance with the Internal Revenue Service Code as well as processing requests for plan determination letters.
How we help with audits
We help our clients keep their qualified retirement plans in compliance. As an employer, your qualified retirement plan should conform with IRS and DOL policies and regulations. We help employers create and sustain internal controls, as well as assist with the formulation and compliance of key guidelines. We also clarify the steps in the examination process and introduce available resources to assist you in this process.
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