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The Dirty Dozen 2019: Correcting Common Errors [2019]
Presentor: David Schultz Recorded Date: 9/23/2019 Duration: 100 Min.

Description
This program was recorded during a live presentation given on September 23, 2019.
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Mistakes happen. No plan is perfect. But no matter how mistakes happen, things have to be put right or the plan is at serious risk. This web seminar takes an in-depth look at the dirty dozen, the most common retirement plan compliance mistakes. The IRS has identified many of these as being frequent errors they encounter in audits. We examine what the IRS has said and why these errors happen, and look at strategies for both prevention and cure.

Topics include:
  • Correction Program Fundamentals
    • EPCRS (IRS)
    • VFCP (DOL)
    • DFVC (Late 5500)
  • Failed ADP/ACP Tests
  • Letting Employees in Too Early (or Letting in Employees Who Should Have Been Excluded Altogether)
  • Deferral Errors and Letting Employees in Too Late
  • Incorrect Withholding (Wrong Amount or Not At All)
  • Failure to Withhold Loan Repayments
  • Late Deposits
  • Computation Errors on Distribution
  • Late Required Minimum Distributions
  • Invalid Hardship Distributions
  • Failure to Give Notices (Especially Safe Harbor Notice)
  • Lack of a Fidelity Bond
  • Late Amenders
Prerequisites:

There are no prerequisites or other advance preparation for this program. Attendees should have a minimum of two years of experience in working with qualified plans.

Level: Intermediate
Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

Objectives: After attending this Web seminar, an attendee should be able to:

  • Explain and use the various IRS correction programs
  • Correct classify plan qualification failures
  • Propose a correction for a given failure

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