Available until April 15, 2021
Speaker: Stephen W. Forbes, J.D., LL.M. (taxation)
Forbes Retirement Plan Consulting
Experience Level for Attendees: Intermediate
Target Audience: TPAs, Administrators, Attorneys, Accountants and Consultants
Keywords: Corrections, Loans, EPCRS, Disqualification, loan failures, loan corrections, self-correction, avoiding deemed distributions
IRS Program Number: CZTXU-Q-01086-19-O
Description: Some of the more significant changes made by the COVID19 legislation (CARES Act) are to the rules regarding participant loans. In addition to the long-awaited self correction options for correcting loan failures, we will cover these recent changes. The new correction options should save your clients considerable time and money. As with all new correction procedures, there are many questions on the application to the different loan failures. In this webcast, in addition to explaining the requirements and options, I will address over 50 questions on the application of the new requirements. With the new correction options, the IRS will expect improved compliance. Therefore, it is incumbent on practitioners to have a working knowledge of the loan correction procedures.
Learning Objectives
- Apply the new self-correction options to correct loan failures.
- Determine which loan failures can be self-corrected and which failures must be corrected under VCP.
- Reduce administrative costs and taxation consequences by applying the new correction options.
Registration Deadlines:
Live: 04/15/2020
On-Demand: 04/15/2021
CE Credit: CE Credit: 2 ASPPA, 2 NAPA Relevant Topics, 2 NTSA, 2 ERPA, 2 JBEA Noncore
About the Speaker:
Stephen W. Forbes, J.D., LL.M. (taxation)
Stephen is an ERISA attorney and educator with 33 years of experience practicing and teaching in the retirement plan area. Stephen is currently completing a book on plan corrections. Mr. Forbes was vice president of SunGard Relius in charge of Relius Education. At SunGard, he taught seminars, conferences and web seminars on retirement plan compliance, design and correction. He also helped draft qualified plan, 403(b), 457(b), 409A and IRA documents and other forms. Mr. Forbes was the author of all of the editions of “The Form 5500 Filing Guide” and the co-author of “The Pension Library.” He also wrote articles and technical updates on all aspects of retirement planning. Stephen came to SunGard in the acquisition of Pension Publications of Denver (PPD) where he served as Vice President. Previous to working for PPD, Mr. Forbes was a Tax Law Specialist at the National Office of the Internal Revenue Service (Employee Plans Division) where he worked with Master/Prototype Plans, trained IRS employees, wrote IRS Notices and Revenue Rulings and participated in several Treasury regulations committees. After receiving his bachelor’s degree, Mr. Forbes graduated from Willamette College of Law. He then went on to obtain a Masters of Law degree in Taxation from the George Washington Law School.
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