The Voluntary Fiduciary Correction Program (VFCP) is a long-standing initiative by the U.S. Department of Labor (DOL) that allows plan sponsors and fiduciaries to voluntarily correct certain violations of the Employee Retirement Income Security Act of 1974 (ERISA) without facing enforcement action or civil penalties.

When ASC 842 was first adopted, many companies felt relief once the initial recognition, accounting, and disclosures were complete. However, compliance does not end there. Companies must remain alert to identify and properly account for new leases as well as changes to existing leases.

With recent updates to IRS Publication 3891, taxpayers in certain states must now mail payments and filings for 1040-ES, 1040-V, and Form 941 to a new mailing address. 

While many plan sponsors and employers may never encounter the need to file it, understanding when it applies is critical to maintaining compliance and avoiding costly penalties.

Several important tax deadlines are approaching for taxpayers who filed extensions for their 2024 federal tax returns, as well as for those making 2025 estimated tax payments.

The Reconciliation Bill -H.R. 1 - has introduced transformative changes to Section 1202 of the Internal Revenue Code which covers the exclusion of gain from the sale or exchange of Qualified Small Business Stock (QSBS). These updates significantly broaden eligibility, raise cap limits, and introduce a tiered gain exclusion, providing more flexibility and tax-saving opportunities for investors.