Preparing for and Responding to an IRS Audit of an Employee Benefit Plan
The Internal Revenue Service appears to have increased its audit activity involving qualified retirement plans and has recently conducted an extensive review of 401(k) plan compliance concerns and published an interim report. In this Knowledge Group IRS Audit LIVE webcast, a panel of distinguished professionals will help you understand the most critical issues which will include:
- Overview of common qualified plan compliance concerns
- Steps qualified plan sponsors can take to address these concerns before being selected for audit
- Procedural steps sponsors can take during IRS to achieve a positive result
- Review of the IRS’s new 401(k) compliance initiative
- Live interactive Q&A session
This live webcast will provide employee benefits and tax professionals with a comprehensive overview of how to minimize audit risk before being selected for an IRS audit of your qualified retirement plan and how to handle the audit once a plan is selected.
SEGMENT 1 :
Monika A. Templeman, Esq. , Director, Employee Plans Examinations
Thomas Petit, EP Exam Area Manager, Gulf Coast
Internal Revenue Service
- Detailed discussion of the top recurring errors found on examination and submitted to the Voluntary Correction Program.
• Tools available for plan sponsors to address these recurring errors and other errors prior to audit notification.
• Steps plan sponsors can take to make the audit a more positive experience.
• Knowing the difference between a plan examination and a compliance check.
• What the IRS learned so far from the 401(k) Questionnaire.
SEGMENT 2 :
Susan Mehlman , Director Compensation & Benefits Practice,
MOSS ADAMS LLP
- • Discussion on internal Company structure and communication between Finance and Human Resources
• Examination of internal Company committees structure; policies and procedures
• Maintenance of internal records – structured for responding to audit inquires
• Company’s response and communication to IRS audit letter – organization of materials
• Working with your external Plan Vendors to gather information and prepare for an IRS Audit
SEGMENT 3 :
Jake R. Downing, Attorney,
Seyfarth Shaw LLP
- • How to best identify common errors and correct them before the IRS opens an audit.
• A few tips on things the IRS might be looking for that plan fiduciaries and sponsors may not be expecting.
• How to manage service provider relationships with an eye toward an eventual IRS audit.
Who Should Attend:
- Human Resource and Tax Employees
– Employee Benefits Attorneys
– Tax Attorneys
– Corporate Counsel
Monika is the Director of Employee Plans Examinations and is responsible for EP retirement plan compliance enforcement programs nationwide. She also serves as the Executive Sponsor for the TE/GE International Initiative and for the TE/GE cross-functional Promoter Investigations corporate approach to deter and stop abusive schemes. In addition, Monika serves as the IRS Executive Champion for Inter-agency Collaboration and for the Enrolled Retirement Plan Agent (ERPA) Program.
Monika has over 20 years of experience in IRS management positions, including EP Area Manager, Great Lakes and Acting Director EP Rulings and Agreements. She studied International law at the University of Bologna, Italy, after receiving a scholarship from New York Law School. In 1980, she earned a JD Degree from Southern California Institute of Law. Monika is an attorney, former Corporate Counsel, former Law Professor and a member of the CA Bar.
Monika is the Director of Employee Plans Examinations and is responsible for EP retirement plan compliance enforcement programs nationwide. She …
Tom is the Area Manager of the Employee Plans Examination Gulf Coast. Tom started his IRS career with the Employee Plans section of EP/EO in Dallas in January, 1987. He worked both determinations and examinations before being selected as a review agent in Technical Review Staff in 1989. He became an EP Group Manager in 1991. In addition to managing examination and determination groups, he served as Chief, Planning and Special Projects (PSP), and on the staff of the EP/EO Division Chief during the 1995 reorganization of the Midstates Region. Tom served on two TEGE Modernization teams when EP/EO was reorganized into TE/GE. Tom became the manager of the EP examination group in Austin in 1996, and he became the manager of the Gulf Coast Employee Plans Team Audit (EPTA) group in October, 2001. He was selected as area manager in 2011.
Tom has a BA degree from Gannon University in Erie, PA, and masters in business from The University of Texas at Austin. Tom is married and has two children.
Tom is the Area Manager of the Employee Plans Examination Gulf Coast. Tom started his IRS career with the Employee …
Susan leads Moss Adams’ Compensation and Benefits Practice. She has more than 25 years of pension plan design, consulting, and administration experience. She has managed services to plans of all sizes from the newly formed, small, single employer plan to large employer plans with over 70,000 participants and assets in excess of $1 billion. In her role as the firm’s retirement plan tax practice leader, Susan works directly with clients on tax compliance issues including responding to IRS and DOL audit inquiries, and coordinates closely with the employee benefit plan auditors. Her responsibilities include managing the client relationship through all aspects of plan design and implementation, assisting plan sponsors in setting objectives, and monitoring the success of these strategies. She is a member of the Western Pension & Benefits Conference.
Susan leads Moss Adams’ Compensation and Benefits Practice. She has more than 25 years of pension plan design, consulting, and …
Mr. Downing is an associate in the Employee Benefits & Executive Compensation Department of Seyfarth Shaw LLP. Mr. Downing advises …
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On-demand Webcast (CLE)
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About Internal Revenue Service
About MOSS ADAMS LLPMoss Adams LLP is one of the 15 largest accounting and consulting firms in the United States. Founded in 1913 and headquartered in Seattle, Moss Adams has 21 locations. Nationwide, Moss Adams provides accounting, tax, and consulting services to public and private middle-market enterprises in many different industries. Their staff of over 1,800 includes approximately 230 partners. They
About Seyfarth Shaw LLP
Seyfarth Shaw (“Seyfarth”) has over 750 lawyers practicing in Atlanta, Boston, Chicago, Houston, Los Angeles, New York, Sacramento, San Francisco, Washington, D.C., and London. As a full-service law firm, Seyfarth provides a broad range of legal services, including Labor & Employment, Employee Benefits & Executive Compensation, Corporate & Finance, Tax, Real Estate, Intellectual Property, and Litigation.
Our clients range from Fortune 100 to midsize companies, and include publicly traded and privately held businesses. We represent clients in all industries and in all geographies and we are diligent in providing the same level of commitment to each client.
One of the attributes that distinguishes Seyfarth from other national law firms is the degree to which we function as an integrated national organization, with day-to-day interaction and joint representation among lawyers in all ten of the firm’s offices. This high degree of integration results from the manner in which our firm has expanded. Rather than creating multiple offices by acquisition and regarding them as distinct branches, nine of our ten offices were opened by existing Seyfarth attorneys from an established office in response to the needs of our national clients. Today, Seyfarth provides representation to our clients in every state of the country.