Reps from the IRS and DOL Address AICPA EBP Conference
Sharrard, McGee & Co., PA Audit Manager Starla Hughes reports from another day at the AICPA Employee Benefit Plans Conference in Las Vegas. “IRS & DOL representatives were onsite discussing the ten most common issues found with employee benefit plans and the correction programs available to deal with them.
10 - uncashed checks & lost participants
9 - failure to amend plans for legislative changes in a timely manner
8 - failure to follow participant loan rules & violations of IRC 72(p)
7 - failure to issue minimum required distributions
6 - failure to follow hardship rules
5 - failure to properly administer automatic enrollment
4 - omitted employee
3 - failure to apply forfeitures in a timely manner
2 - failure to make deposit deferrals in a timely manner
1 - failure to use the correct definition of plan compensation
Both the DOL & IRS have correction programs if Plan Sponsors are facing any of these issues.”
Starla and the rest of the Employment Benefit Plan team at Sharrard, McGee & Co., PA are happy to help you identify and evaluate any issues that you may have and help determine the best correction options for your EBP.