NU Online News Service, Sept. 13, 2004, 5:22 p.m. EDT
The Internal Revenue Service has proposed a new schedule for evaluating whether employee retirement plans qualify for tax breaks.[@@]
The IRS has suggested in Announcement 2004-71 that it might review individually designed employee plans every 5 years and pre-approved plans every 6 years.
The IRS would use taxpayer identification numbers to schedule exams for the individually designed plans.
The IRS wants to reorganize the way it handles determination letters to even out its flow of work. Improving workflow should help the IRS do a better of balancing determination letter reviews, examinations and other tasks, the IRS says.
Public comments on the proposal are due Jan. 3, 2005.
More information about the proposal is on the Web at http://www.irs.gov/pub/irs-drop/a-04-71.pdf