Seattle, WA
Employee benefits Lawyer at Seattle, WA
Practice Areas: Employee Benefits
OUTCOME: The IRS requalified the plan for a $1,000 penalty
The IRS asserted a plan lost favorable tax status. The consequence was loss of employer deductions for contributions to the plan and income tax on plan investments. The actuary estimated this at $7.4 ... million in tax. Following our appeal and negotiations, the IRS requalified the plan and assessed a $1,000 penalty.
OUTCOME: DOL dropped penalty.
The DOL assessed a penalty against the fiduciaries to a 401(k) Plan maintained for a corporate conglomerate with operations in Alaska, California, New Mexico, and the Southeast United States. The pena ... lty was for failure to timely deposit employee elective deferrals into the 401(k) Plan. Following our negotiations and formal appeal, the penalty was dropped.
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