The audit isn’t as random as you think

A small plan received an audit inquiry from the Internal Revenue Service (IRS). Upon further review, it appears that the plan didn’t have an ERISA bond and admitted under penalties of perjury, that they didn’t.

I assure you that the audit wasn’t random. Not having an ERISA bond or having the right coverage will get you an invitation by the IRS or Department of Labor (DOL) for an inquiry.

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