The Importance of Wage Code Reviews

A key issue in an IRS audit and related internal Form 5500, Annual Return/Report of Employee Benefit Plan, auditor review is to ensure that the various definitions of compensation under a tax-qualified retirement plan (a ‘‘plan’’) are being properly implemented. In this Bloomberg Tax article, “The Importance of Wage Code Reviews,” Groom associate John Barlow provides background on this issue and discusses various definitions of compensation, the potential consequences of the mistreatment of compensation definitions, and related considerations that are important to maintain the tax qualified status of a plan.

To read the article, click here.