On October 7, 2021 the IRS published its “Tax Exempt & Government Entities (TE/GE) Fiscal Year 2022 Program Letter.” Retirement plan sponsors will likely be most interested in the following excerpts:
- “In
fiscal year 2022, we expect to invest in new resources to expand outreach to
the exempt sector as well as increase our enforcement staff.”
- “After
almost a decade of decline in the size of TE/GE’s workforce, fiscal year 2022
will be a year of significant growth, with most new hires assigned to
enforcement duties.”
Based on those IRS statements, plan sponsors may wish
to consult with their advisors to discuss their retirement plan document, their
plan’s administration, and correcting any compliance issues. That will help to
ensure that the IRS does not find issues that have not been addressed. When the
IRS finds such issues, tax penalties assessed to the plan sponsor can be
severe.
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