Alan Kandel

The initial failure to adopt a plan is not eligible for self-correction. See Rev. Proc. 2021-30 section 4.01(b). There's no similar ineligibility for correction under VCP. Benefits Vet, you are right that the schedules don't apply, so only 8950 and 14568 are needed.

I received a VCP compliance letter this week for a failure to adopt a plan. The broker switched firms and thought someone at the former firm had taken care of the documentation. Correction was a simple adoption of a plan document. Under 2019-19, many plan document failures can be cured by self-correction. The initial failure to adopt a plan requires VCP to correct.

The plaintiff's claim seems weak, but you never know how a court will rule. Assuming the account hasn't been paid yet, the plan administrator should consider filing an interpleader action with the court. An interpleader is used when somebody who has property to which two or more people have competing claims. The person with the property turns the property over to the court for the court to decide who should receive it.

We use a POA, have the client sign a penalties of perjury statement, and submit as the practitioner.

1. The date the articles were adopted is not relevant to the statute of limitations. 2. You can start by asserting that the engagement letter is privileged. In general, the IDRs should be treated the same as subpoenas, the responses should be numbered by page, and appropriate privileges should be asserted. If you are not a litigator, you should team up with a litigator for the responses.

In general, there is no requirement to amend a 5500 for inaccurate information. However, a 5500 is signed under penalties of perjury. If information at the time the 5500 was submitted was known to the person who signed the 5500 to be inaccurate, then the signer might want to amend the 5500 so as not to be subject to penalties of perjury. On the other hand, filing a corrected 5500 will restart the statute of limitations from the date the amended 5500 is filed. Anybody considering amending a 5500, especially for information that was not known at the time of the original submission, should weigh the value of amending against the risk of extending the statute of limitations.