The IRS has also added filing errors relating to Form 5500 to its project list, and multiple federal agencies confirmed that the just-announced templates relating to the Summary of Benefits and Coverage will not go into effect until the first day of the first plan year beginning on or after April 1, 2017.
COBRA is still going strong. And while the general rule of COBRA is not necessarily that difficult to understand, the time frames, notice requirements, intricacies, and the ways in which COBRA interacts with other laws presents employers with potentially extremely expensive outcomes.
When a company is audited, the auditor sent by the DOL will vary in his or her experience of conducting audits. If the person is a novice, then that often means the auditor might ask for more information, whereas someone more experienced knows exactly what they want.
Not many things incite more fear than receiving a notice that you’re about to have an audit, especially from the Department of Labor (DOL).
An IRS plan audit uniquely focuses an employer’s mind on the core identity of its qualified retirement plan, which is that of a tax exempt organization, but one whose exemption (or “qualification”) requirements are far pickier than those applicable to one’s favorite charity.
It is not unusual for an entrepreneurial family, a group of physicians, or a fast-growing corporation to spin off pieces of a certain segment of a business or to open a completely new business with profits earned from an existing one. Don’t overlook related corporate entity issues in these situations.