By: 403(b) "Gatekeeper" ServicesSM Gatekeeper Administration & Consulting, LLC - 877-403-4411 Info@gatekeeperteam.com IRS Initiative Has Been Expanded; They Are Going to All 50 States Gatekeeper reported in September 2006, that the Internal Revenue Service (IRS) was increasing their 403(b) plan audit initiative with the anticipation of final 403(b) regulations. Today, the IRS reported that this initiative has been expanded to include all 50 states through 2008.  "This expansion builds upon a pilot project that began in June 2006 with questionnaires that were sent to public schools and districts in New Jersey, Missouri and Washington.  In the initial phase of the expansion, the IRS has begun contacting school districts in Alaska, Florida, Hawaii, Illinois, Nevada, Pennsylvania, Tennessee and Virginia.  School districts in the remaining states will be contacted as part of the project through 2008." Schools that receive the questionnaire should answer it completely and accurately.  If a potential problem is identified, the IRS will correspond with the school or district to help it analyze its 403(b) plan to determine whether it is in noncompliance.  If school officials find a problem, they should use one of the correction methods outlined in the IRS's follow-up letter.  If a school makes the necessary corrections timely, the IRS will not impose a sanction. To find out more, you can visit the IRS website: IRS ANNOUNCEMENT   Questions? Please feel free to call Gatekeeper Administration & Consulting, LLC for further information at 877-403-4411 or by email at info@gatekeeperteam.com. You may also visit our website at: www.gatekeeperteam.com   This newsletter article is intended for general information purposes only and does not and is not intended to constitute legal advice.  The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.   Copyright © 2007 Gatekeeper Administration & Consulting, LLC All Rights Reserved

To continue receiving e-mails from Gatekeeper Administration & Consulting, LLC, please add tmiddleton@gatekeepeteam.com to your address book or approved senders. Outlook 2003 Users: Go to the Actions menu to Junk E-mail and select "Add Sender to Safe Senders list." You are receiving this message because you have opted to join our e-mail distribution list either online or at one of our establishments. Privacy Policy: Citizens Bank & Trust or its e-mail marketing provider do not sell or share e-mail addresses any other parties. If you wish to be removed from the list, use the link on the far right.