|IRS's Voluntary Closing Agreement Program --
When EPCRS Just Isn't Good Enough
In December of 2013, the IRS announced a new program – the Employee Plans Voluntary Closing Agreement Program. The program allows plan sponsors to resolve income or excise tax issues that cannot be corrected under the Employee Plans Compliance Resolution System (EPCRS). Before the announcement of the program, the IRS handled requests from plan sponsors seeking closing agreements to resolve non-EPCRS issues on an ad hoc basis. Now the IRS has a uniform system for handling these requests.
Come hear our government speaker, Thelma Diaz, from the IRS, speak about the new program. Sherrie Boutwell will moderate the session. Topics to be covered are:
• What issues are eligible for resolution under the new program (and what are not)?
• What cases are being submitted by practitioners?
• What sanctions are being imposed?
• What mistakes are being made in submissions?
• Is it possible to convert a VCP application to a Voluntary Closing Agreement Program submission (and vice versa)?
• How should practitioners handle a submission where some issues are eligible for VCP and others must be resolved by a closing agreement under the new program?
• What are the pros and cons of the anonymous submission process under VCP and the Voluntary Closing Agreement Program?
• What other correction options (if any) are available if the new program is not?
This program will be of particular interest to:
Plan Sponsors , so they will know about new options to successfully resolve plan compliance issues
Service Providers to qualified retirement plans, especially attorneys, third party administrators and accountants, who want to assist their clients in resolving non-EPCRS issues.
All Benefits Professionals who want to be educated on the latest plan compliance resolution alternatives and want to benefit from the knowledge and experience of other benefits professionals in the Orange County benefits community.
Thelma C. Diaz
Thelma C. Diaz is a Program Coordinator for the IRS' Employee Plans Voluntary Compliance Program. Her responsibilities include assisting with the resolution of applications made under VCP, assisting with the development of the revenue procedure relating to the correction programs for qualified plans, providing information on correction programs, and responding to inquiries relating to plan corrections and potential VCP submissions. Other duties involve providing analysis and support to the Manager of Voluntary Compliance in regard to the delivery and monitoring of the Employee Plans Compliance Resolution System (EPCRS). Thelma has worked with the examination, determination letter, review and voluntary compliance functions of Employee Plans Division since 1987. Thelma has received a B.S. in Accountancy and is a 1987 graduate of University of La Verne.
Sherrie Boutwell, Partner in Boutwell Fay, LLP has specialized for nearly thirty years in the areas of employee benefits law and ERISA, with an emphasis on retirement and deferred compensation plans. She has provided legal counsel to employers, employees, plan fiduciaries (including plan trustees and administrators), financial institutions, government agencies and trade associations on a broad range of employee benefits matters. She was a regular contributing editor to and wrote numerous articles for The 401(k) Advisor (Panel Publishers) from 1994-2000 and is the author of Quick Reference to Plan Corrections: Correcting Pension Plans with EPCRS and VFCP (Panel Publishers) 2000-2003. Ms. Boutwell obtained her J.D. from UCLA.
1 CE for ASPPA certifications
1 CEC for NIPA certifications
1 CPE for CEBS
1.5 hours MCLE for California attorneys
1.5 hours for California CPAs
1.5 hours for Certified Financial Planners
1 hour for ERPA and Enrolled Agents
Doors open at 7:30 a.m. for check-in, breakfast and networking. Our program will begin at 8:00 a.m. and this program will end at approximately 9:30 a.m. The registration fee includes a full breakfast buffet and hosted parking in the self-parking lot at the Hotel Irvine.
The reservation deadline for this event is Thursday, April 9, 2015.
WP&BC-OC Members can bring a guest for free! This is a wonderful opportunity to introduce your peers and colleagues to our Chapter. Remember, your guest should be a first-time visitor and potential member. Look for the free guest offer when you register online
The statements and materials presented at WP&BC Orange County Chapter events are solely the opinions of the speakers and do not represent the opinions or positions of WP&BC Orange County Chapter. In addition, WP&BC Orange County Chapter assumes no responsibility for the content or accuracy of the statements and materials presented by speakers at WP&BC Orange County Chapter events.