ERISA Audits: What We All Knew but Forgot

$219.00

SKU: 408299

Description

Learn how to prevent common problems and how to interact with the government in addressing those problems on audit.
The Department of Labor and the Internal Revenue Service are each responsible for overseeing the regulation and auditing of employee benefits plans, and both continue to ramp up investigations in recent years. Plan sponsors and fiduciaries need to be prepared to implement best practices to avoid issues raised on audit and also need to be prepared to implement a strategy to navigate potential audits of their benefits plans. This presentation will help plan sponsors and fiduciaries understand the audit process implemented by both the Department of Labor and the Internal Revenue Service, offer pointers on how to work with investigators, and discuss strategies on how to utilize internal controls and correction programs to address issues before they are raised on audit. This presentation is critical for any employer to understand how to prevent common problems and interact with the government in addressing those problems on audit.

Date: 2023-08-25 Start Time: 1:00 PM ET End Time: 2:30 PM ET

Learning Objectives

* You will be able to explain the audit processes implemented by both the DOL and IRS.

* You will be able to identify common errors raised by DOL and IRS on audits.

* You will be able to recognize red flags that may lead to government attention.

* You will be able to review plan documents and processes with best practices in mind to avoid potential audits.

Anatomy of a DOL Audit
• Background on Department of Labor and Its Agencies
• Common DOL Investigation Subjects and Scenarios
• Common DOL Investigative Process

DOL Audit Priorities
• Mental Health Parity and Addiction Equity Act of 2008
• CARES Act and Consolidated Appropriations Act
• Cybersecurity Issues

IRS Audit Process
• Selection and Preparing for Audit
• Communications, Audit Guidelines, and Resolution
• Closing Examinations and Appeals

Typical Issues Raised by IRS on Audit
• Not Maintaining or Updating Plan Documents
• Failing to Follow Terms of Plan
• Improper Administration of Payroll and Fringe Benefits

Correction Programs and Best Practices
• Policies, Procedures, and Internal Controls
• DOL Voluntary Fiduciary Correction Program
• IRS Employee Plans Compliance Resolution System

AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,HR Certification Institute ,CPE ,SHRM ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Eric W. Gregory-Dickinson Wright PLLC