June 7 – Bloomberg BNA
Professor Kathryn Kennedy, associate dean for advanced studies and research, featured
Plan auditors should be given some discretion to recommend reduced sanctions, depending on the quality of internal controls that auditors observe when they examine a plan, said Kathryn J. Kennedy, associate dean for advanced studies and research and professor of law at The John Marshall Law School in Chicago. Kennedy spoke during a presentation of the report to IRS Deputy Commissioner Steven T. Miller and other IRS officials.For plan sponsors that apply to correct errors voluntarily through IRS’s Employee Plans Compliance Resolution System, ACT’s Employee Plans subcommittee recommended “adjusting the sanctions to take into account whether the plan sponsor had taken affirmative steps to establish internal plan controls,” Kennedy said during the presentation.
Read more: IRS Agrees with Advisory Panel’s Views on Helping Plans Tighten Internal Controls
