As the end of the year quickly approaches there are only a few weeks left before the holidays. For many Atlanta businesses, this is a time to analyze financial performance, review operational benchmarks, assess vendor relationships, review financing and credit opportunities, and outline a path forward in 2021. There is little doubt that many plans for 2020 were interrupted by the COVID-19 pandemic requiring mid-year adjustments. Although there are still unknown variables heading into next year, management now has a better understanding of how local, state, and federal government orders may impact operations. While this planning is essential for long-term success, it is important not to forget about annual compliance requirements, including the annual review of employee benefit plans. The closing weeks of the year are a good time to review documents and operations to ensure plan compliance. If errors are uncovered, it is important to resolve them as quickly as possible. To help clients, prospects, and others, Wilson Lewis has provided a summary of the top plan failures reported by the Voluntary Correction Program (VCP) below.
Top Plan Failures
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A regular review of plan operations is essential to ensure errors are identified and remedied as quickly as possible. In addition, it will minimize the number of fees and penalties associated with resolution. If you have questions about the information outlined above or need assistance with your employee benefit plan audit, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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