Guest cosmo01 Posted May 15, 2003 Posted May 15, 2003 I am a little confused on how the VFC program works. We have not made contributions for some participants. We are in the process of correcting it, we figured it out internally. Must we submit this to VFC or can we simply file the 5330 and pay the 15% penalty to the IRS? If we do not do VFC and since we found this internally, will we have to also pay the DOL 20% penalty?
Blinky the 3-eyed Fish Posted May 16, 2003 Posted May 16, 2003 Without knowing the details of your situation, have you tried reading Rev. Proc. 2002-47? It should guide you to the proper correction method and if your situation is available for self-correction or must be submitted under one of the IRS' programs. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
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