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.
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.
Agenda
Anatomy of a DOL Audit
- Background on the 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
Speakers
Eric W. Gregory,
Dickinson Wright PLLC- Attorney in the Troy, Michigan office of Dickinson Wright PLLC
- Practice emphasizes all aspects of employee benefits and executive compensation law, including qualified retirement plans, welfare plans, and nonqualified compensation programs
- Regularly provides strategic advice and analysis on approaches for employers obligated to contribute to multiemployer pension funds to mitigate withdrawal liability risk
- Conducts regular seminars and workshops on numerous employee benefits issues such as pension and withdrawal lability risk during mergers and acquisitions, avoiding litigation risk for sponsors of retirement plans, and employer fiduciary duties under ERISA
- Written several publications related to employee benefits such as Surviving an IRS or DOL Retirement Plan Audit: Failing to Prepare is Preparing to Fail; Here Comes the Department of Labor: Retirement Plan Audits Begin for Code Section 401(a)(9) Compliance; and Avoiding Payroll Tax Traps for Foreign Employees
- Past chair of State Bar of Michigan Taxation Section’s Employee Benefits Committee, and past chair of Oakland County Bar Association Employee Benefits Committee
- Taxation Council Member, State Bar of Michigan Taxation Section
- Best Lawyers in America, Employee Benefits (ERISA) Law, 2020; Michigan Super Lawyers "Rising Star," 2016 – Present; Michigan Lawyers Weekly, Up & Coming Lawyers, Class of 2017; Business Magazine Top Lawyer, Employee Benefits Law, 2016 – Present
- LL.M. degree in taxation, Georgetown University Law Center; J.D. degree, Wayne State University; B.A. degree in political theory and constitutional democracy, Michigan State University, James Madison College; certificate in employee benefits law
- Can be contacted at 248-433-7669 or EGregory@DickinsonWright.com
Who Should Attend
This live webinar is designed for human resource managers, benefits administrators, payroll managers, plan administrators, controllers, CFOs, accountants, finance directors, presidents, vice presidents, business and office managers, and attorneys.
