“The IRS issued new guidelines for IRS auditors to review COBRA compliance.” “Your best defensive would be a proactive, self-audit” says Jeremy J. Sharp, a partner with the law firm Walter & Haverfield.
Joint DOL/IRS audits review more than 100 requirements
Because the IRS and DOL enforce different laws, the scope of their audits are different. Here are just a few things a joint DOL/IRS audit might encompass.
ARRA earmarked $25 million for DOL/IRS audits
The American Recovery and Reinvestment Act (ARRA) created some relief for out-of-work employees, but with those relief comes the increased likelihood employers will be audited.
47% of companies fail to file Form 5500’s
Nearly half of the companies required to file a health-benefits annual report with the federal government are out of compliance, according to a study of plan sponsors.