8/13/2023 0 Comments Vfcp online calculator![]() ![]() The proposed changes are intended to encourage greater VFCP participation by providing for more efficient and less costly corrections. This would be the first time the DOL has allowed self-correction under VFCP. Importantly, the proposed amended and restated VFCP would add a new self-correction feature, clarify existing transactions currently eligible for correction and simplify certain administrative or procedural requirements for participation in and correction of transactions under the VFCP. The most relevant components of the proposed changes for plan sponsors relate to delinquent contributions of participant deferrals and loan repayments as these tend to occur more frequently than other issues corrected through the VFCP. The VFCP allows plan sponsors to voluntarily correct certain fiduciary breaches to avoid civil enforcement actions and civil penalties imposed under the Employee Retirement Income Security Act of 1974 (ERISA) and its accompanying regulations. Consent To Extend the Time To Assess the Branch Profits Tax Under Regulations Sections 1.On November 21, 2022, the US Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed amendment and restatement of the Voluntary Fiduciary Correction Program (VFCP), along with a proposed amendment to the Prohibited Transaction Exemption (PTE) 2002-51.Country-by-Country Report 2017 Form-8975.Certificate of Accuracy for IRS Individual Taxpayer Identification Number 2017 Form W-7(COA).Tax Jurisdiction and Constituent Entity Information 2017 Schedule A Form 8975.Employee or Independent Contractor Compliance Self-Assessment For Public Employers 2017 Form 14581-G.EFTPS Business Enrollment Form Dec-2011 Form-9779. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |