IRS Launches check on Top Hat / 457(b) Plans
For all of you successful 501(c) Non-Profits out there.
The IRS' Employee Plans Compliance Unit (EPCU) launched a compliance check project targeting certain deferred compensation plans known as "top-hat plans" authorized by IRC Sec. 457(b). Recipients of the compliance check letter will be chosen from employers that file Form W-2 showing contributions to a non-governmental Section 457(b) plan that also file Form 990. The focus of the check is to uncover any compliance irregularities in plan funding, loans, catch-up contributions, and sponsor eligibility. The project will run through 9/30/14. IRS Employee Plans News, Issue 2013-2.