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Actions Can Be Taken to Further Improve the Strategy for Addressing Excess Contributions to Individual Retirement Arrangements

Report Information

Date Issued
Report Number
2015-10-020
Report Type
Audit
Joint Report
Yes
Participating OIG
Treasury Inspector General for Tax Administration
Agency Wide
Yes (agency-wide)
Questioned Costs
$0
Funds for Better Use
$0

Recommendations

The Commissioner, Wage and Investment Division, should consider:When evaluating future efforts related to the IRA strategy, the Commissioner, Wage and Investment Division, should consider developing education materials for IRA custodians informing them of common mistakes made on information documents and the importance of submitting accurate information documents.

The Commissioner, Wage and Investment Division, should consider:When evaluating future efforts related to the IRA strategy, the Commissioner, Wage and Investment Division, should consider identifying a more complete and accurate universe of individuals who potentially made excess contributions from which to select potentially productive cases.