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| Loan default correction BenefitsLink Message Boards  May 11, 2021 "Long story short - participant loan apparently defaulted in 2018. Started making payments again in 2019, but should have been a deemed distribution. Too late to correct under SCP, but can be corrected under VCP, as per RP 2019-19, Section 6, .07(3)(d). Here's my question - the person involved is the company owner. Has anyone submitted under VCP in such a situation, and was there any problem with the IRS not approving it because it was the owner/fiduciary who defaulted?" |
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