How Did the EPCRS Improve Loan Correction Opportunities?
On April 19th, the IRS issued an update to the EPCRS which expands the Self-Correction Program (SCP) to cover certain plan loan failures.
EPCRS
Oops! How do I make it right? IRS Correction Program Options for Common Plan Errors
Posted by Maria Hurd, CPA Disclaimer: All blog posts are valid as of the date published. In a highly regulated industry with complicated rules that always have exceptions (except when the exception does not apply) it is inevitable that sooner or later a failure to follow the plan document will take place. Such operational errors can be corrected through the … Continued
Nothing is Certain but Death, Taxes, and Retirement Plan Operational Errors
In this world, nothing can be said to be certain, except death, taxes, and retirement plan operational errors. Two decades of plan audits have shown time and time again that even the most accurate plan sponsor is not immune from making one of the common errors.
All Good Things Come to an End: A Tale of Significant Changes in VCP Fees Affecting Small Benefit Plans
In the 14th century epic poem the Troilus and Criseyde, Geoffrey Chaucer portrays a tragic love tale between Troilus, a Trojan warrior, and Criseyde, the daughter of a Greek fortuneteller.
Shouldn’t That Error be Considered Immaterial, even De Minimis?
When auditors identify operational errors, clients and service providers often ask whether we can ignore them since they are immaterial to the financial statements.
Improving Audit Quality Through Enhanced Financial Reporting
In response to the DOL’s findings regarding ERISA plan audit deficiency rate, the AICPA has embarked on an initiative to improve audit quality
Self-Audits
Let’s face it, humans make mistakes. John Wooden said “If you’re not making mistakes, then you’re not doing anything.” In my blog titled “Internal Controls in a Retirement Plan,” I pointed out the importance of controls at the plan sponsor and its service providers to help prevent mistakes in plan administration, help prevent fraud within the plan…
The Softer Side of the IRS: Memorandum on Calculating the Maximum Participant Loan Amount
Some people believe you can never get enough of a good thing.
EPCRS: Participant Loan Corrections
As mentioned in my previous blog, EPCRS: How to Correct Improper Exclusions of Employees from a 401(k) Plan, the IRS implemented and recently revised the Employer Plan Compliance Resolution System (EPCRS),
The Paradox of Participant Loans in Default: A Taxable Distribution of a Loan Balance Still Considered to Remain Outstanding
Keeping two sets of books often means that someone is hiding something from the taxing authorities.