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2022 Connecticut Tax Developments - Withholding Tax

Department of Labor Proposes Self-Correction Option Under Voluntary Fiduciary Correction Program

The Department of Labor recently proposed updates to its Voluntary Fiduciary Correction Program (VFCP), which would allow fiduciaries the opportunity to self-correct certain matters including late deposits to a 401(k) plan. In general, the VFCP allows plan fiduciaries to correct prohibited transactions and fiduciary breaches without incurring a civil penalty by voluntarily filing a correction application with the DOL, restoring any losses to the benefit plan with earnings, and paying applicable excise taxes for any prohibited transactions. This program currently requires you to submit a formal application with the DOL to qualify for the relief. Perhaps in a nod to the scores of employers choosing not to utilize the formal correction process for late deposit errors because of the time and expense involved in preparing the application, the DOL for the first time proposed on November 18 to allow such corrections to be made on a self-correction basis with the full relief of the program, bu

Lawyers in the News – December 5

Burr & Forman adds attorneys in SC Burr & Forman LLP has announced the addition of 16 attorneys across the firm’s footprint. CEO Ed Christian commented on the new editions, “Burr remains committed to adding quality attorneys in tandem with client needs and we are excited to continue building the next generation of attorneys.” Four .

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