When you\u2019re filing that Form 5500, just notice that certain answers may likely lead you to an Internal Revenue Service or Department of Labor audit.<\/p>\n
If you have a plan that is covered under ERISA, saying you don\u2019t have a fidelity bond or don\u2019t have the required amount based on the beginning year\u2019s balance, you may get audited.<\/p>\n
The same can be said if you report that you had a prohibited transaction or you made a late deposit of salary deferrals in the 401(k) plan.<\/p>\n
If you\u2019ve made the answer to these questions that will pique the government\u2019s interest, it\u2019s best to contact an ERISA attorney to see what type of corrective actions you need to take before the government audits you.<\/p>\n
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