jireh87 Posted April 17, 2019 Report Share Posted April 17, 2019 I have a client whose SEP Plan was recently audited by the IRS resulting in corrective contributions to employees. As part of the closing agreement, the IRS wants the client to adopt a prototype SEP plan document and also provide notice to employees of their benefits. Anyone know where I can find a sample notice letter? Just want to make sure I don't leave anything (important) out. Thank you! Link to comment Share on other sites More sharing options...
justanotheradmin Posted April 17, 2019 Report Share Posted April 17, 2019 I don't have a sample notice specific to that, but usually I try to include the things mentioned in the EPCRS revenue procedure. Usually the format is something like: Date To: Participant in XYX From: Plan Sponsor Re: XYZ {Information about what is required - e.g. there is a SEP plan and sometimes employees are required to share in employer contributions} {Information about the failure - Contributions weren't made to accounts } {Information about the correction - opening accounts, depositing corrective amounts etc} {Other required information - for example in a 401(k) usually a mention about a right to change deferrals if there is a deferral error, or disclosure that plan information is available on paper upon request, etc) For more information contact NAME of PERSON Name of Company (usually sponsor) PHONE NUMBER E-mail address Address I'm a stranger on the internet. Nothing I write is tax or legal advice. I'd like a witty saying here, but I don't have any. When in doubt, what does the plan document say? Link to comment Share on other sites More sharing options...
jireh87 Posted April 17, 2019 Author Report Share Posted April 17, 2019 Thank you! That's about what I've written so far. Just needed to make sure I wasn't missing anything else. Have a fantastic day! Link to comment Share on other sites More sharing options...
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