VCP

[Guest cconnell]

If a plan falls under the VCP for a particular plan year, are all subsequent plan years also covered? Would the plan still need an audit?

Thank You,

CC

[John Feldt ERPA CPC QPA]

I'm not sure I'm reading the question right. 2 possibilities perhaps.

1. Has the plan filed a VCP application for a plan correction under EPCRS? If so, the errors being submitted will be the only items that the plan can be "safe" about if the plan ever gets audited by the IRS, and it is only for the years that are disclosed in the VCP submission. If that was not what you are asking about, please rephrase.

2. If you are asking about an accountant's opinion audit to attach to a Form 5500, then the determining factor regarding the need for that audit (for a 401(k) plan) is the participant count, which is not related to VCP.

Hope this helps.