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Practical Corrections Series 04: Distribution Failures
Presentor: Derrin Watson Recorded Date: 5/10/2016 Duration: 60 Min.

This program was recorded during a live presentation given on May 10, 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 Series 04: Distribution Failures: too much, too little, too soon, too late

The reasons for distribution failures are legion: vesting mistakes, allocation errors, erroneous hardship distributions, failure to make required distributions, and more. Fortunately, with the exception of required minimum distributions, EPCRS takes a simple approach to distribution failures that focuses on getting things right, with similar corrections available regardless of the cause of the failure. The IRS has recently given employers more options in this important arena. This web seminar will provide a thorough look at distribution failures including:

  • Causes of distribution failures, and how to prevent them
  • Special rules for required minimum distributions
  • Reporting issues
  • Overpayments
    • Required notification
    • When employer payment needed
    • Employer flexibility
  • Underpayments

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 attending the program you should be able to:

  • Identify distribution failures
  • Recommend strategies to avoid distribution failures
  • Correctly complete required VCP forms to correct RMD failures
  • Advise a client of options for addressing overpayments
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