IRS Announcement 97-42

The Internal Revenue Service has developed proposed examination guidelines for employee plans examiners to use when examining Simplified Employee Plans (SEPs). The guidelines provide technical background and guidance as to issues that should be considered during an examination. The guidelines are not intended to be all inclusive, and may be modified based on specific issues encountered by the examiners during the examination.

As with earlier examination guidelines, the Service is seeking public comments with respect to the proposed examination guidelines pertaining to Simplified Employee Plans before the guidelines are finalized in the Internal Revenue Manual.

A copy of the proposed examination guidelines for Simplified Employee Plans may be obtained by submitting a written request to the Internal Revenue Service: Assistant Commissioner (Employee Plans and Exempt Organizations), CP:E:EP:FC, 1111 Constitution Avenue NW, Washington, DC 20224. Written comments on the guidelines pertaining to Simplified Employee Plans may be submitted on or before July 28, 1997, to the Internal Revenue Service, Attention: Assistant Commissioner (Employee Plans and Exempt Organizations), CP:E:EP:FC, 1111 Constitution Avenue, NW, Washington, DC 20224.

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Note: The full text of the proposed examination guidelines appears on BenefitsLink at https://benefitslink.com/IRS/auditguidelines/sep.html (click here)