1. Self-Correction Plan (SCP)
This allows a company to self-correct insignificant operational errors at any time to preserve the tax-favored status of your plan. The benefits of this option are that it does not involve the IRS and there are no additional user fees on top of what you pay to correct any mistakes that have been made.
2. VOLUNTARY CORRECTION PLAN (VCP)
This option allows a company to propose a correction for significant operational errors to the IRS, and to work together with them to keep the tax-favored status of your plan. Our experts can help you determine whether errors are significant, and exactly what is needed to resolve them.
3 . Audit Closing Agreement Program
Also known as Audit CAP, this is when a company is found by the IRS to have significant operational errors upon examination. The company enters into a closing agreement with the IRS and pays a sanction negotiated with them. Unfortunately, Fix My SIMPLE Plan does not provide services for this.