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Practical Corrections 02: Plan Document Failures
Presentor: Derrin Watson Recorded Date: 5/3/2016 Duration: 60 Min.

This program was recorded during a live presentation given on May 4, 2016 at 12:00PM EST.

Web Series: Practical Error Correction and Prevention – A Focused Approach

Mistakes happen. Unfortunately, they happen all the time, even to well-run plans. Fortunately, the IRS has provided step by step guidelines to correct the most common errors. Sometimes, there are alternative methods to dealing with a problem and it can be confusing to determine the best approach.

This 6-parts Web Series will provide an in-depth approach to plan correction. Each week, we will look at a specific problem or set of related problems, consider how the errors could have been prevented, and walk you step-by-step through correction techniques. These programs will not provide generalized theories. Instead, each will focus on specific plan failures and how to address them on a day-to-day basis. Webcasts will include:

  1. Elective deferral failures: too easy to fail
  2. Plan document failures: fix them before the price goes u
  3. Allocation mistakes for employer contributions
  4. Distribution failures: too much, too little, too soon, too late
  5. Plan loan failures: even if the plan didn’t make a mistake
  6. Testing failures: ADP/ACP, 415, 402(g)

Practical Corrections 02: Plan Document Failures - Fix Them Before the Price Goes Up

Without doubt document failures constitute some of most common plan failures. And unfortunately there is no way to self-correct those failures. The good news is that EPCRS offers streamlined methods to file under VCP to correct document failures. The bad news is that the process is more time consuming than ever before. This web seminar focuses on correction of document failures and will address questions such as:

  • When can I use the $375 Schedule 1?
    • What is the significance of April 30?
  • When is a failure to amend not a document failure?
  • Do I need to include a determination letter request with the filing? Can I?
  • What law changes must I specifically identify in the application?
  • What do I do if the failure goes back for several restatements?
  • What material must be included with the VCP submission?
  • Is there a deadline for the submission?
  • How do we handle 403(b) document problems? 457(b)?
  • Using remedial amendment periods to avoid VCP filings

There are no prerequisites or other advanced preparation for this program. The speaker will assume attendees have a basic familiarity with the elective deferral procedures and EPCRS. Attendees should have one year of experience.

Level: Beginning.

Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: S. Derrin Watson, J.D.
Recipient of ASPPA's 2006 Educator of the Year Award

Objectives: After participating in this program, an attendee should be able to:

  • Identify document failures
  • Identify failures that can be corrected using Schedule 1
  • Correctly completed required VCP forms to correct document failures


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