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  1. Tax Cowboy
    Group: In general, can a taxpayer/ESOP (retirement plan) who is under audit, still voluntarily self correct matters they deem need correcting? We believe a former ESOP advisor failed to give basic advice on paying off an ESOP note in a timely manner. The TPA allocated stock based on an assumption that the ESOP note was proportionally paid. ie. 20% of note paid in yr 1 and TPA allocated 20% of stock. Also, a former employee of the ESOP TPA may have failed to account for one terminated employee. However, client ESOP is under audit and I'd like to have client file voluntary self-correction with Dept. of Labor and/or IRS EPCRS. Anyone ever been successful in voluntary self correcting while under audit? I note a taxpayer usually wants to make the correction prior to an audit. Thoughts and comments/resources/cases appreciated. Stay Safe. Warmest...
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