The Nuts And Bolts About Self-Correction And Voluntary Compliance Programs
By EsqSocial Corporation 29/10/20
Our tax system rests on voluntary compliance and the assumption that taxpayers will abide by the law. Voluntary compliance is based on taxpayers complying with the law and the use of the audit by the Internal Revenue Service and/or Department of Labor (for retirement plans) is an effective check and tool to encourage it. Voluntary compliance as it pertains to qualified retirement plans means that each plan sponsor must comply with the Internal Revenue Code and ERISA (Employee Retirement Income...
By: Ary Rosenbaum