Tax-deferred annuity plans: meeting the IRS audit challenge

A growing number of nonprofit organizations are being fined for violations of IRS regulations following IRS audits of their tax-deferred annuity (TDA) plans. To ensure that their organizations can withstand the scrutiny of an IRS audit, TDA plan administrators must ensure that plans meet IRS regulat...

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Bibliographic Details
Published in:Healthcare financial management 1997-01, Vol.51 (1), p.56-60
Main Author: Schussler, M
Format: Article
Language:English
Subjects:
401K plans
Agreements
Annuities
Audits
Compensation
Compliance
Documentation
Employees
Financial Audit - legislation & jurisprudence
Funding
Government Agencies
Guidelines as Topic
Health administration
Health care industry
Income Tax - legislation & jurisprudence
Independent contractors
Laws, regulations and rules
Medical care
Nonprofit hospitals
Nonprofit organizations
Pensions
Personnel Administration, Hospital - economics
Personnel Administration, Hospital - legislation & jurisprudence
Salaries and Fringe Benefits - legislation & jurisprudence
Salary reduction savings plans
Tax audits
Tax deductions
Tax Exemption - legislation & jurisprudence
Tax regulations
Taxation
United States
Violations
Wages & salaries
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Summary:A growing number of nonprofit organizations are being fined for violations of IRS regulations following IRS audits of their tax-deferred annuity (TDA) plans. To ensure that their organizations can withstand the scrutiny of an IRS audit, TDA plan administrators must ensure that plans meet IRS regulations and be prepared for IRS audits. Documentation--particularly of the TDA plan itself, and procedures related to salary reduction programs, compensation limits, excess deferrals and other excess contributions, loans, and distributions--must be comprehensive and in compliance with IRS regulations.
ISSN:0735-0732
0735-0732