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State Comptroller Brooke Lierman, a Democrat, said during the meeting Wednesday that her agency “looked back as far as 30 years” and could not identify another time the IRS audited the state. “It It might be the first time the state has ever beenaudited,” Lierman said. Wes Moore and State Treasurer Dereck E.
There may or may not be near-term proactivity by states to embrace such databases and educational efforts, said Peterson. But as it stands now, education is a hit-or-miss proposition. Audits may increase as states share data with one another about smaller firms that log sales in several locations.
Key Steps for Audit Preparation. If your organization’s 401(k) plan has never beenaudited, follow the 80/120 rule. If you currently have between 80 and 120 participants; it may be time to prepare for your first audit. An investment advisor can also keep employees educated about their 401(k) and other investment options.
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