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ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL: WHAT ARE UNIQUE ISSUES IN HEALTH CARE OFFICE LEASES?

Joe Romberg  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL: KEY PROVISIONS TO CONSIDER WHEN NEGOTIATING A COMMERCIAL LEASE

Jacob Brennan  

LOCAL NEWS RISING STARS 2016: CORA VERGE, ASSOCIATE ATTORNEY

Cora Verge  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL: EMPLOYEE RETIREMENT PLAN ERRORS

Jaclyn R. Clabby  

LUKINS & ANNIS SPONSOR GONZAGA BASKETBALL

Jim Black  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL: LOAN TRANSACTIONS

Cora Verge  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL: ESTATE PLANNING

David Webster  

WSBA PRESIDENT'S CORNER: LISTENING TO CHANGE IN THE LEGAL PROFESSION

Bill Hyslop  

WSBA PRESIDENT'S CORNER: PRINCE DIED WITHOUT A WILL

Bill Hyslop  

LOCAL NEWS: INVESTIGATION REOPENED IN DEATH OF BICYCLIST RYAN HOLYK

Mike Maurer  

LOCAL NEWS: IN HOLYK CASE, SCIENTIST'S TESTIMONY DOESN'T SQUARE WITH INVESTIGATORS' STATEMENTS

Mike Maurer  

LOCAL NEWS: EASTERN STATE HOSPITAL SETTLES PATIENT DEATH LAWSUIT FOR $360,000

Mike Franklin   Kelly Konkright  

JENNIFER HANSON, ASSOCIATE ATTORNEY, BECOMES PRESIDENT OF SCBA

Jennifer Hanson  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - MATERNITY LEAVE

Tori Osler  

WSBA PRESIDENT'S CORNER: HOW WILL YOU BE REMEMBERED? LEADING BY DOING AND THE WELL-LIVED LIFE

Bill Hyslop  

SPECIAL REPORT BILL HYSLOP: ENSURING ACCESSIBLILITY

Bill Hyslop  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - NON-COMPETE AGREEMENTS

Erin Pounds  

WSBA PRESIDENT'S CORNER: WHAT ARE YOUR PERSONAL "LEGAL" RESOLUTIONS FOR THE NEW YEAR?

Bill Hyslop  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - EARNED SICK AND SAFE LEAVE

Jacob Brennan  

WSBA PRESIDENT'S CORNER: THE RISING COST OF LITIGATION AND ACCESS TO JUSTICE

Bill Hyslop  

WSBA PRESIDENT'S CORNER: EQUAL JUSTICE UNDER LAW

Bill Hyslop  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - EASEMENTS

Cora Verge  

WILLIAM HYSLOP SWORN IN AS WSBA PRESIDENT

Bill Hyslop  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - HIPAA

Courtney Garcea  

L&A IN LOCAL NEWS> HOLYK'S DNA FOUND ON PATROL CAR; SHERIFF DENIES THAT DEPUTY HIT BICYCLIST

Mike Maurer  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - EMPLOYEE HANDBOOKS

Laura Black  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - AFFORDABLE CARE ACT

Kelly Konkright  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - PROBATE

Tom Culbertson  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - WHAT VALUE DOES A BUSINESS ATTORNEY BRING TO MY COMPANY?

Paul Davis  

ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL - THE AFFORDABLE CARE ACT

Kelly Konkright  

IMPORTANT NOTICE REGARDING : "OBAMA CARE" AFFORDABLE CARE ACT

Kelly Konkright  

IDAHO SUPREME COURT JUSTICE COMPLIMENTS WINNING LUKINS & ANNIS ATTORNEY IN TRUST LITIGATION

Mischelle Fulgham  

LUKINS & ANNIS CLIENT OBTAINS REVERSAL OF INJUNCTION ON LAND USER RESTRICTIONS BY THE IDAHO SUPREME COURT

Laura Black   Michael Hines  

LUKINS & ANNIS CLIENT OBTAINS DISMISSAL OF HOME OWNER'S LAWSUIT BY DIVISION III OF THE WASHINGTON STATE COURT OF APPEALS

LUKINS & ANNIS CLIENT OBTAINS SIGNIFICANT 9TH CIRCUIT DECISION AGAINST RED LION HOTEL FRANCHISOR UNDER WASHINGTON FRANCHISE INVESTMENT PROTECTION AND CONSUMER PROTECTION ACTS

Mike Maurer  

WAYNE SWENEY NAMED DISTINGUISHED LAWYER BY IDAHO BAR

Wayne Sweney  
ASK THE LUKINS & ANNIS LEGAL PROFESSIONAL: EMPLOYEE RETIREMENT PLAN ERRORS

Jaclyn R. Clabby

Q:What are the advantages of being represented by counsel in connection with correcting retirement plan errors or mistakes?

A: A retirement plan that experiences errors or mistakes may become "disqualified". If a retirement plan becomes disqualified, the plan's trust loses its tax-exempt status, employees include certain amounts in gross income, and an employer's contribution deductions are limited.

No one wants to make mistakes with a retirement plan, but unfortunately mistakes happen. The good news is the IRS understands this and maintains a plan correction program for certain types of retirement plans. The Employee Plans Compliance Resolution System ("EPCRS"), is a comprehensive correction program for retirement plans, allowing for errors or mistakes to be corrected and thus avoid the consequences of a plan disqualification. Under EPCRS, the IRS provides employers with three correction programs: (i) Self Correction Program; (ii) Voluntary Correction Program; and(iii) Audit CAP. Getting in front of plan errors or mistakes sooner rather than later is key as that often dictates which correction program is applicable. Correcting plan errors or mistakes allows the plan to continue to provide employees with retirement benefits on a tax-favored basis. Having a professional experienced in the application of EPCRS can assist in identifying which correction program may be applicable and maneuvering around any potential hurdles, including communicating with the IRS.

Jaclyn R. Clabby an attorney at the law firm of Lukins & Annis, where her practice includes Business & Corporate, Estate Planning, Real Estate, and Tax.

Published in the February 2, 2017 issue of the Spokane Journal of Business .

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