Employee Benefit Plan Voluntary Correction Programs: Fixing Costly Errors and Preserving Tax Benefits
Leveraging Available IRS and DOL Programs to Proactively Address Plan Mistakes and Minimize Penalties
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE video webinar with Q&A
This course will provide employee benefit plan auditors with best practices and the proper procedures to remedy serious and costly (but all too common) benefit plan errors through available IRS and DOL retirement plan correction programs. The panel will explain the processes and potential pitfalls that practitioners often encounter in correcting plan mistakes and outline how to address these issues based on real-world experiences.
Outline
- Correction programs
- DOL
- Voluntary Fiduciary Correction Program
- Delinquent Filer Voluntary Compliance Program
- IRS
- Employee Plans Compliance Resolution System
- Self-Correction Program
- Voluntary Correction Program
- Other
- DOL
- Errors
- Common plan operation errors
- Other errors
- How to fix common errors
- Best practices
Benefits
The panel will review these and other key issues:
- Selecting the best correction option available through the IRS EPCRS
- Effectively making use of the DOL's DFVC and VFC programs
- Anticipating and tackling potential program pitfalls
- Best practices for preventing or detecting common errors
Faculty
Kathleen R. Barrow
Partner
Fox Rothschild
Ms. Barrow has nearly three decades of experience helping employers correct tax and fiduciary issues with payroll,... | Read More
Ms. Barrow has nearly three decades of experience helping employers correct tax and fiduciary issues with payroll, executive compensation and employee benefits. Her national practice includes strategic assistance with ERISA matters, compliance programs, and corrections of documentation and operational errors. Ms. Barrow’s clients include employers across a range of industries, nonprofit organizations, healthcare providers and school districts. She has handled cases that involve the U.S. Treasury Office of Tax Policy; the Department of Labor, Employee Benefit Security Administration; massive payroll corrections involving thousands of employees; and has led representation before the U.S. Tax Court, various U.S. district courts and courts of appeals throughout the country.
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Christopher Ciminera, CPA, QKA
Principal, Accounting & Auditing
Belfint Lyons & Shuman
Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services... | Read More
Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services department where he specializes in auditing employee benefit plans of for-profit, nonprofit, and governmental entities. He also specializes in Form 5500 preparation. When necessary, Mr. Ciminera helps clients navigate and prepare filings for corrections of plan errors or late filings through the DOL Voluntary Fiduciary Correction Program, IRS Voluntary Correction Program, and DOL Delinquent Filer Voluntary Compliance Program.
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