The IRS Starting Its 403(b) Plan Audits - TheNonProfitTimes: When the Internal Revenue Service (IRS) recently announced that it was going to start auditing 403(b) plans for the 2009 tax year, the notification received scant attention. After all, it’s pretty common for the IRS to start up a new audit cycle several years after the close of a particular tax year.
This time, however, things might be a bit different. That’s because the IRS gave nonprofits until December 31, 2009 to comply with the new regulations on plan documentation that it issued in 2007. At the time, some nonprofit managers took a close look at their plans, others just assumed they were in compliance, even if they purchased a packaged plan and didn’t hear anything from the plan provider.
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