December 19, 2016
Paula Calimafde Provides Commentary in Plan Adviser Article on DOL, IRS Plan Audits
- December 19, 2016
- Related Attorneys: Paula Calimafde
- Related Practice Areas: Retirement Plans, Employee Benefits
Paula Calimafde provides commentary in Plan Adviser article, “DOL, IRS Plan Audits Becoming More Frequent and Thorny,” by Lee Barney (December 15, 2016). The article addresses how employers can avoid retirement fund mistakes so they can lower their audit risk.
There are a wide variety of mistakes plan fiduciaries can make; getting it all right is an ongoing team effort.
The Department of Labor (DOL) and the Internal Revenue Service (IRS) both frequently find numerous mistakes that retirement plan sponsors make in running their plans, and, as a result, they are conducting audits more frequently, experts say.
Ensuring that participant loans and hardship withdrawals are being properly administered is yet another area both the IRS and the DOL find many problems, says Paula Calimafde, a principal with Paley Rothman in Bethesda, Maryland. They frequently find that plans are charging an incorrect interest rate, do not ensure that the funds are being used for the requested purpose or permit a loan to exceed the statutory limits of the lesser of $50,000 or 50% of the vested account balance, she says.
The full article, “DOL, IRS Plan Audits Becoming More Frequent and Thorny,” can be found on the Plan Adviser website.
November 14, 2019
For the eighth year in a row, Paley Rothman earned national and local honors in US News-Best Lawyers 2020 “Best Law Firms” rankings.Read More
Starting in 2020, all DC companies who employ tipped workers will be required to have their payroll processed (and reported to the government) by third-party vendors, to meet...Read More
Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys and relevant to our areas of practice.Read More