Do I Have a Qualification Problem?
Keeping a watchful eye on the retirement plan your business sponsors to help employees prepare for their retirement years is just smart business practice. Employees are counting on the benefits promised by the plan and want to have the substantial tax benefits that saving for retirement through a tax-favored plan provides. Protecting these tax benefits is an important duty assumed by business owners when they adopt a retirement plan.
Identifying, Correcting and Avoiding Common Plan Errors
What do you need to do to protect this important plan?
Hopefully you've adopted the plan that best suits the needs of you and your employees and fits your business circumstances. The plan that includes features appropriate for your business will make operating the plan much easier. For help in selecting the appropriate retirement plan, see Choosing a Retirement Solution for Your Small Business.
How do you take care of that plan day to day and year to year?
Setting up operating procedures for the plan is an important first step. If you need help, a benefits professional can help you set up a system that works for you and your retirement plan. As your business situation changes you'll want to review how these new circumstances will impact your plan and its operation. Buying a business? New payroll system provider? Change in accountants? Closing a plant? Any of these changes could have a big impact on your plan.
Ten Reasons to Identify and Correct Mistakes
"Maintaining Your Plan" video - tips on what employers/sponsors need to do to keep their retirement plan healthy. (6:45 min.)
A Guide to Common Qualified Plan Requirements
Frequently Asked Questions (FAQs)
Top Ten Failures Found in Voluntary Correction Program
EP Compliance Trends and Tips
Have a Question about your Retirement Plan?
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Correcting Qualification Problems
Through EPCRS
Revenue Procedure 2008-50
Summary of Changes
Topical Index
Revenue Procedure 2006-27
Other EPCRS Resources
Q & A's - Recent Outreach Events
VCP Tools
VCP Acknowledgement Letter
VCP Application Guide
Common VCP Application Errors
Overview of EPCRS
Introduction
Description of the EPCRS
Effect of the EPCRS
Eligibility, Definitions and
General Correction Principles
Correction Principles
Self-Correction Program
- Eligibility Flowcharts
Voluntary Correction Program
Audit Closing Agreement Program
Frequently Asked Questions (FAQ’s)
"Self-Correcting Plan Mistakes" video - a discussion on using the Self-Correction Program for a common plan mistake. (1:59 min.)
"Fixing Plan Mistakes Found During an IRS Audit" video - IRS EP Examinations Director discusses what happens when EP Agents find mistakes while examining retirement plans. (4:45 min.)
Abusive Tax Avoidance Transactions
EP Team Audit (EPTA) Program
Forms and Publications
Publication 4224,
Retirement Plan Correction Programs
Other EP Forms and Pubs
Other Government Correction
Programs for Retirement Plans |