"The IRS took a lot of time looking at
our benefits, in particular our 403(b) plans and our 457 plans, and they spent a lot of
time looking for information relating to them. They did ask us to provide as much of that
information as possible in an electronic format; they wanted to receive that information
on disk so they would be able to then manipulate that information in any way they felt was
necessary as they were looking at maximum exclusion allowance calculations and the like.
The 403(b) and 457 plans are what they spent the most amount of time on."
"We look at where we ended up on the
audit; we have a Federal tax adjustment of $153,117 that was strictly back taxes. We
received a bill for state back taxes of $38,279."
"We were happy to see the IRS
auditors walk out the door!"
