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Department of Labor and IRS Representation

The qualified status of a retirement plan is its greatest and most valuable asset. Regardless of the performance of the investments in the plan, maintaining its status as “Qualified” is critical to the value of the plan to plan sponsors and participants. When a plan is “qualified”, the employer can deduct certain contributions made to the retirement plan (including employee 401(k) contributions), the assets within the plan grow tax free, and distributions from the “qualified” plan can be rolled to an IRA or another “qualified” retirement plan. Receiving an audit notice from the IRS or the DOL can be very intimidating.

Engage an ERISA Professional to Assist You with an Audit

At APS we recommend that clients engage an ERISA professional to assist them with a Plan audit. If you do not understand the legal nuances of each and every item in an audit, you should not attempt to handle the audit yourself.

The ERISA professional whom you engage must be qualified to formally represent you before the IRS. This means that you must be able to grant him or her a limited power of attorney, using Form 2848 and following the IRS rules. Generally, attorneys, accountants, enrolled actuaries, and ERISA professionals that have earned the IRS “ERPA” professional designation are qualified to act as your representative. If this is a DOL audit, it may be advisable to also engage an ERISA attorney.

APS Pension services has an extensive ERISA background and actively works in this field on a full time basis.

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