A recent edition of The Kiplinger Tax Letter stated that “one thing is clear about tax overhaul: Lawmakers will include compliance measures.” To that end, the U.S. Department of Labor’s Employee Benefits Security Administration continues to expand its compliance review, including strict enforcement of the Patient Protection and Affordable Care Act (commonly known as Obamacare), among others. As such, many businesses can expect to undergo a more comprehensive audit of their employee benefit plans and have received audit notices from the Department of Labor.
Click here to view a sample audit letter and the lengthy checklist of documentation requested for compliance review.
How will your business measure up against the new rules and compliance review? Deciphering the information requested and compiling the appropriate documentation could prove time-consuming. If you have questions about the “tax overhaul” and audit process, or are seeking assistance with completing your company’s compliance review, please feel free to contact Gray, Gray & Gray’s Audit Department at (781) 407-0300.