Retirement plans can be a huge liability to your business if they are not properly maintained and operated. Meredith Sesser specializes in reviewing plans to assess compliance. In the event of an operational or documentation failure, she will assist in making voluntary corrections before the IRS (Internal Revenue Service) or DOL (Department of Labor) has the chance to assess penalties. Meredith regularly makes corrections through the IRS’s Employee Plans Compliance Resolution System (EPCRS) through the following programs:
- Voluntary Correction Program (for issues that cannot be self-corrected) to re-qualify plans.
- Audit Closing Agreement Program to correct failures that are discovered during audit and allows for the negotiation of IRS sanctions.
- Self-Correction Program (if you are eligible). This allows for the documentation of all corrections in accordance with IRS guidelines.
Meredith frequently makes submission to the Department of Labor through the following programs:
- Delinquent Filer Voluntary Compliance (DFVC) for the late filing of Form 5500s
- Voluntary Fiduciary Correction Program (VFCP) for anyone who may be liable for fiduciary violations under ERISA, including employee benefit plan sponsors, officials, and parties in interest
IRS Audit/DOL Investigation
An IRS audit or DOL (Department of Labor) investigation can be overwhelming to a business owner. Meredith Sesser represents companies that have received notice of an audit or investigation and minimizes their exposure to penalties. By reviewing the documentation involved, she is able to spot the issues immediately and help to mitigate damages. Some of the services she offers in these situations include:
- Handling all correspondence, phone calls and contact with the IRS or DOL
- Drafting written responses to legal issues raised by the IRS or DOL
- Negotiating closing agreements or other resolutions of the audit or investigation
Due Diligence Review
A periodic review of a retirement plan is good practice to avoid larger problems. By looking at your plan and its operation, you have a greater chance of staying in compliance with changing laws and regulations, as well as ensuring that your plan provisions are still appropriate for your company. A due diligence review will also prepare an organization for an IRS audit or a DOL investigation. If problems are discovered in advance, self-correction or a resolution may be possible before the IRS or DOL ever reviews the Plan. It can also keep problems small before they become costly to fix. Having Meredith review your plan before the IRS or DOL does, can substantially save on penalties and make an audit or investigation go much smoother.