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IRS Retirement Plan Compliance Initiatives

The IRS has released its 2021 Program Letter to update compliance initiatives. Such initiatives include a review of small tax-exempt retirement plans regarding items such as participant loans, party-in-interest transactions, and administration of plan investments. Worker retirement plan coverage is scheduled to be addressed as it pertains to any misclassifications of employees as independent contractors, as well as proper administration of Required Minimum Distributions.; April 8, 2021.