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Course Details

Employee Benefit Plan Voluntary Correction Programs: Fixing Costly Errors and Preserving Tax Benefits

Webinar: ID# 1013354
Recorded CD
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About This Course:
This webinar will provide employee benefits auditors with best practices and the proper procedures to remedy serious and costly (but all too common) benefit plan errors through available IRS and DOL retirement plan correction programs. The panel will explain the processes and potential pitfalls that practitioners often encounter in correcting plan mistakes and outline how to address these issues based on real-world experiences.

Description
Proficiency in auditing benefit plans requires not only staying on top of IRS and DOL's ever-changing rules and regulations, but it requires a good understanding of available options to correct plan problems or mistakes once they are discovered.

Employee benefit plan auditors and advisors must understand not only the most prevalent errors to anticipate and avoid but also have familiarity with the government's compliance programs. Our panel will explain how you can help your clients avoid steep penalties by identifying and voluntarily correcting problems with their retirement plans—before an IRS audit or DOL investigation.

Our panel will drill-down on available options to fix plan errors. The panel's insights will help you evaluate audit results to decide whether to report issues to the DOL or IRS and understand different types of corrective action under the IRS Employee Plans Compliance Resolution System (EPCRS) and the DOL's Delinquent Filer Voluntary Compliance (DFVC) and Voluntary Fiduciary Correction (VFC) programs. Reporting professionals must also understand when to move beyond available programs and consider a customized correction method for voluntary compliance.

Listen as our panelists offer insights based on real-world experience for remedying common high risk mistakes associated with benefit plan audits. The panel will also outline approaches to correct plan errors before an audit or after a filing.

Outline

  • Overview of benefit plan audits error correction programs
    • Benefits
    • Pitfalls
  • Errors
    • Common plan operation errors
    • Other errors
  • Correction programs
    • DOL
      • Voluntary Fiduciary Correction Program (VFCP)
        • Procedures
        • Benefits
        • Pitfalls
      • Delinquent Filer Voluntary Compliance Program (DFVCP)
        • Procedures
        • Benefits
        • Pitfalls
    • IRS
      • Employee Plans Compliance Resolution System (EPCRS)
      • Self-Correction Program (SCP)
      • Voluntary Correction Program (VCP)
      • Audit Closing Agreement Program (Audit CAP)
      • Other
  • Best Practices

Benefits

The panel will review these and other key questions:

  • Which report issues should be reported to the DOL or the IRS? When reporting doesn't make sense
  • Correction options available through the IRS Employee Plans Compliance Resolution System (EPCRS)
  • Use of the DOL's DFVC and VFC programs
  • Potential program pitfalls

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Upon completing this seminar, you will have a much deeper familiarity of the available approaches to correct past errors. High risk and common mistakes made on benefit plan audits. You will have insights in the approaches to address plan operational errors before they cause potentially costly problems for a benefit plan.

Faculty
Rose Ann Abraham, Senior Manager
Baker Tilly Virchow Krause, Chicago
Ms. Abraham has 12 years of public accounting experience and specializes in employee benefit plan audits. In that role, she manages a regional benefit plan audit practice and heads the firm's Employee Benefits Task Force.

Eric Ernest, Partner
McConnell &Jones, Houston
Mr. Ernest has more than 20 years of experience in auditing and accounting for a variety of industries and benefit plan sponsors with extensive knowledge in the accounting, auditing, and reporting requirements of employee benefit plans. He is a specialist in benefit plan accounting, auditing, legislative, and regulatory issues to include SEC and DOL rules and regulations and is also well-versed in compliance requirements related to the preparation of IRS Form 5500.

Kelly Pointer
Seyfarth Shaw, New York
She is assigned to the firm's Employee Benefits &Executive Compensation Department. She works with clients on drafting tax-qualified retirement programs and welfare benefit plans, analyzing tax and labor issues, and ERISA reporting and disclosure, among other topics.


Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

Processing

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Delivery

Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.


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Employee Benefit Plan Voluntary Correction Programs: Fixing Costly Errors and Preserving Tax Benefits
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