Help! Our Retirement Plan Is Being Audited by the IRS!

Episode Summary:

In this episode, Doll Lank and Kathleen Salas Bass of KLB Benefits Law Group explain what happens when the IRS audits a retirement plan. They cover what can trigger an audit, how the audit process works, and how engaging ERISA counsel can help employers navigate the process smoothly. The attorneys provide practical advice on document preparation, working with vendors, self-corrections, and avoiding common pitfalls that can widen the scope of an audit.

 

Key Timestamps:

00:00 – Understanding retirement plan audits 01:20 – Red flags, discrepancies, and DOL referrals 05:00 – How financials and compliance notes are reviewed 07:30 – Employer response and engaging ERISA counsel 10:00 – How attorneys protect employers and keep audits focused 13:00 – Gathering documents, coordinating with vendors, and understanding self-corrections 17:30 – Psychological preparation, internal coordination, and managing the audit efficiently 19:00 – Call ERISA counsel first and never speak to the IRS without representation

 

About the Show:

Employee Benefit Plans and Business Sense helps employers navigate the complex legal landscape of employee benefits. Each episode features experts like Doll Lank and Kathleen Salas Bass, providing actionable guidance on compliance, audits, filings, amendments, and strategies to manage benefit plans efficiently.