Many business owners and plan sponsors do not update their retirement plan documentation for changes in the tax code. This can result, in the worst case, in a massive tax bill for the plan sponsor. In this post on his blog, Steve Fromm explains how a new program sponsored by the IRS, the Voluntary Compliance Program, can help plan sponsors avoid a potentially massive tax liability.
- Summary by FizzLaw Team
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Failing to Update Retirement Plans: How to Avoid IRS Plan Disqualification and Penalties by Using VCP