Nobody wants to be the bearer of bad news, but small business owners should be aware that the Internal Revenue Service is stepping up its examinations of companies' retirement plans this year, hoping to catch those that are cheating their workers or the government, or both, as well as to ensure that the plans meet federal regulations.Traditional pensions, 401(k) plans and profit-sharing plans are all on the agenda.
The agency intends to do about 9,000 of these focused exams on companies of all sizes over the coming nine months. The smaller businesses have more to fear from such an examination. They are more likely to be out of compliance, if for no other reason than that they normally outsource set-up and administration, as they lack the resources to do such work in-house.
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