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The IRS’ Liberalization of the IRS Correction Program for Qualified Plans

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DESCRIPTION

Recently, the IRS issued guidance updating their qualified plan correction program, the Employee Plans Compliance Resolution System (“EPCRS”).  The modifications are intended to make it easier for plan sponsors to correct the most common qualified plan mistakes, including errors relating to loans, overpayments, and employee elective deferrals, including automatic enrollment.

This 90-minute program will begin with an overview of EPCRS and common plan errors.  With that context, the speakers will give an in-depth summary of the new guidance, and provide advice on how to take advantage of the liberalized correction rules for certain common plan errors.

Educational Objectives:
• Receive a short refresher on IRS correction programs for qualified plans
• Understand the new and expanded correction methods for common qualified plan errors
• Learn how to take advantage of the reduced correction costs associated with this new guidance
• Learn strategies for preventing most common qualified plan errors

Who would benefit most from attending this program? 
In-house counsel; ERISA and tax attorneys with responsibilities for qualified plans; benefits managers and human resource practitioners tasked with qualified plan compliance issues.

SPEAKERS

ELIZABETH DOLD, PRINCIPAL AT GROOM LAW GROUP

Ms. Elizabeth Thomas Dold’s practice focuses on Title II of ERISA and other compensation matters, including employment taxes and other reporting and withholding requirements.  She covers all types of employee benefits, including qualified plans, IRAs, governmental plans, nonqualified deferred compensation plans, and health and welfare plans.  She assists clients in all tax aspects of employee benefits including Internal Revenue Service (IRS) filings, compliance audits, design of retirement products, reviewing marketing materials, nonresident alien reporting/taxation issues, taxation of settlement awards, restorative payments, taxation and reporting of fringe benefits and welfare benefits, and employment taxes.  Ms. Dold is past Chair of the Information Reporting Program Advisory Committee (IRPAC).

Ms. Dold is licensed to practice in the District of Columbia, New Jersey, and Pennsylvania.  She earned her J.D. from the Dickinson School of Law and her L.L.M. in Taxation from the New York University.


J. ROSE ZAKLAD, SENIOR ASSOCIATE, GROOM LAW GROUP

Ms. J. Rose Zaklad is a senior associate in the Plan Design and Taxation practice at Groom Law Group.  Ms. Zaklad advises clients on the design and administration of tax-qualified and non-qualified retirement plans.  She focuses on tax-qualified plan compliance issues, including Internal Revenue Services (IRS) audits, rulings, and corrections.  She has significant experience in assisting plan sponsors in navigating the plan termination process.  Prior to joining Groom, Ms. Zaklad was an employee benefits associate at an international law firm where she handled a broad range of employee benefits matters, including in the corporate transaction context.

Ms. Zaklad is licensed to practice in the District of Columbia and Pennsylvania.  She earned her J.D., cum laude, from the George Washington University Law School.


AVANEESH BHAGAT, GROUP MANAGER, VOLUNTARY COMPLIANCE GROUP, INTERNAL REVENUE SERVICE

Mr. Avaneesh Bhagat is the Group Manager for the Voluntary Compliance Group in El Monte, California.  His responsibilities include assisting with the resolution of applications made under VCP, assisting with the development of the revenue procedure relating to the correction programs for qualified plans, providing information on correction programs, and responding to inquiries relating to plan corrections and potential VCP applications.  Mr. Bhagat has worked with the examination, determination letter, and voluntary compliance functions of the IRS Employee Plans Division since 1988.