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Yearly Archives: 2010
IRS Patrol: IRS Seeks Applications for Information Reporting Advisory Council
WASHINGTON — The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee (IRPAC), which provides recommendations to IRS leadership on a wide range of information reporting and administration issues.
“Information reporting is a key component of sound tax administration and the input and perspectives from IRPAC help improve the work of the IRS,” said IRS Commissioner Doug Shulman.
IRPAC presents an annual report to the IRS commissioner at a public meeting in the fall.
IRPAC consists of up to 35 members who are appointed to three-year terms by the IRS Commissioner. About one third of the membership terms expire each year. Nominations are currently being accepted for up to nine appointments which will begin January 2011.
The deadline for submitting applications is May 28, 2010. IRPAC members are drawn from diverse backgrounds. Members represent the taxpaying public, tax professional community, small and large businesses, colleges and universities, state tax administrations, banks, insurance companies, foreign financial institutions and the payroll community.
Anyone interested in being a member of IRPAC may nominate themselves or be nominated by a qualified person. All nominees must complete an application.
More information, including more on the application process, is available on the Tax Professional’s Page of IRS.gov. Questions about the nomination process can be sent to the following e-mail address: *public_liaison@irs.gov.
Avoid a Compliance Examination of Your Retirement Plan by Completing Your 401(K) Compliance Check Questionnaire
By Stacie Clifford Kitts, CPA
Are you one of the lucky employers who will receive a letter from the IRS Employee Plans Compliance Unit (EPCU) ? Well, if you have a retirement plan and you are among the 1200 employers selected to complete the 401(k) Compliance Check Questionnaire you will receive your notice this week explaining how to complete it. The notice will direct you to a website asking you to respond to the following topics:
- Demographics
- Participation
- Employer and employee contributions
- Top-heavy and nondiscrimination testing
- Distributions and plan loans
- Other plan operations
- Automatic contribution arrangements
- Designated Roth features
- IRS voluntary compliance and correction programs
- Plan administration
And what if you don’t respond – Well look forward to further action including a possible audit of your plan by the EPCU.
For more information, you can check out the “Retirement News For Employers” spring 2010 newsletter. I have included a copy of it at my Client Resource Center just look under the file named Pension Audit Resources.
If you have questions about completing the form, you should consult with your plan administrator for assistance.