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October 01, 2008 |
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EPCRS: Fixing What’s Broken and What to Expect from the IRS
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EPCRS: Fixing What’s Broken and What to Expect from the IRS
Plan sponsors of troubled plans can self correct problems or reach an agreement with the IRS using the various voluntary programs and procedures that make up the IRS’s popular Employee Plans Compliance Resolution System (EPCRS).
This live event discussed: - How to convince the client that what seems like a harmless mistake requires immediate attention.
- Learning about recent changes made to EPCRS and how practitioners can use them.
- Navigating the EPCRS application procedure.
- Which income and excise taxes the IRS is likely to waive.
- Which plan errors can be self corrected and how to document corrections.
- What to do when a plan lacks required amendments.
- How to handle plan administration errors, such as excess contributions, misallocation of deferrals, violations of the terms of the plan and improper or delayed distributions.
- How to make earnings adjustments. Should you use the DOL’s Voluntary Fiduciary Correction Program online calculator?
- How to correct plan loan errors. Can EPCRS be used as an alternative to reporting a deemed distribution?
- What to do if the plan sponsor cannot reach an agreement with the IRS.
Recorded on October 1, 2008, this audio event is available on CD for purchase.
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