The tax code Section 409A operational corrections program sends a clear message to employers that they are better off correcting plan failures quickly, Dinsmore’s Ben Wells and other speakers said during a recent webcast. The program, titled Correcting Operational Failures to Comply With Section 409A, highlighted why the program is necessary, common operational errors under the program, and the corrections program’s limitations.
In particular, Wells discussed some of the things an employer can do by the way of best practices. Read the story below to learn why having processes in place is key to avoiding problems when the IRS comes knocking.