We use cookies to customise content for your subscription and for analytics. If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.
The Internal Revenue Service has issued proposed regulations that permit a sponsor of a 401(k) or 401(m) safe harbor plan, which satisfies the Internal Revenue Code’s (the "Code") nondiscrimination requirements by relying on the nonelective contributions safe harbor method, to reduce or suspend its safe harbor contributions after the start of the plan year if the employer has incurred a "substantial business hardship"
The IRS Employee Plans Compliance Unit has launched its 401(k) Compliance Check Questionnaire Project and is sending instruction letters to 1,200 randomly selected sponsors of 401(k) plans that filed a Form 5500 (Annual Report) for the 2007 plan year
As discussed in our previous client alert (see "Employment Issues & the IRS"), the Internal Revenue Service announced its intention to conduct an employment tax National Research Program beginning in 2010
The Internal Revenue Service's employment tax National Research Project is currently underway with 2,000 audit letters already in the hands of various corporate, tax-exempt and governmental entities and a second wave of audit letters likely to arrive in mailboxes later this year
With the United States Senate's approval on July 15, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is now expected to be signed into law by President Obama
