EBLG Partner Jim Paul took attendees on a deep dive through the IRS's Self-Correction Program (SCP) in this April webcast. Starting with general correction principles, he covered case studies taken from real-life experiences — everything from ...
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Search Results for: EPCRS
EPCRS: The IRS’s Employee Plans Compliance Resolution System
Five Questions, Four Categories Of Failure, Three Paths To Forgiveness
In a perfect world, all retirement plans would be amended on time and operated properly according to the plan terms and the law. However, we don't live in a perfect world and ...
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The Employee Plans Compliance Resolution System (EPCRS): When Haste DOESN’T Make Waste
I can still hear my mother saying it, "Haste makes waste, Marcel." And it is true in many situations – acting too quickly can cause mistakes that waste time and money. But it isn't always the case with qualified plan failures. In most cases, timely ...
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Retirement Plans – IRS Gives New Options for Voluntary Correction But Also Takes Away
The IRS recently issued new guidance for voluntary correction of retirement plan qualification errors in Revenue Procedure 2021-30 (Rev. Proc). The IRS has given practitioners more options for self-correction, including extension of the time for ...
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Hardship Distributions And Headaches Down The Road
Note: This article is a revised version of an article published by our law firm years ago. It has been updated to reflect statutory changes under the Bipartisan Budget Act of 2018 (BBA) and proposed hardship distributions regulations published on ...
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Retirement Plan Compensation Failures: A Tale Of Two Errors
Retirement plan compensation failures are one of the top ten most common errors submitted to the IRS's Voluntary Compliance Program. In this podcast, Marcel Weiland discusses two scenarios of compensation failures in the area where we see it most ...
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