Washington (June 6, 2003) -- The Internal Revenue Service has made it easier for retirement plans to stay within complex rules and to reduce barriers that discourage some businesses, particularly small businesses, from adopting such employee benefits.
The IRS is streamlining its system of voluntary correction programs designed to help retirement plan sponsors and administrators retain the favorable tax status of their plans, including simplifying the fee structure for voluntary submissions. The changes will make it easier for employee retirement plans to come into compliance with the law and to protect the retirement benefits of participating employees.
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