In 2018, the IRS modified its program for correction of plan qualification failures to significantly increase the fees for getting approval of corrections under the Voluntary Compliance Program (“VCP”). Since that occurred, the IRS has issued expanded permissible self-correction methods under Revenue Procedure 2019-19. This new Procedure provides many new ways in which a plan sponsor may act independently to fix errors to retain the plan’s tax qualification, without IRS filings, user fees, or other involvement. The new procedure permits plans to self-correct failures in two categories that previously required VCP filings: problems with participant loans and plan amendments. 1. In regards to loan failures, the new procedure permits self-correction of loan failures if the failure relates to • A default on loan payments (if..
News & Events
The North Suburban Hospital District, a political subdivision representing the citizens of Blaine, Fridley, Hilltop, Mounds View and Spring Lake Park, quietly and gracefully ended its long existence on April 10, 2019. The Hospital District was formed in 1960 for the primary purpose of building and initially operating Unity Hospital in Fridley. At the time it was formed and for the next 50 plus years, the Hospital District provided its citizens with a locally focused and stand-alone hospital providing a broad range of services. In meeting its obligation to the citizens of the five cities, the Hospital District contracted with service providers who operated the hospital. In recent years, the Hospital District weaned Unity from relying on tax dollars and did not levy taxes on..
BGS Shareholder Scott Lepak will be giving the closing address at the annual Minnesota Public Employers Labor Relations Association Winter Conference in Plymouth MN on February 14, 2019. Scott’s presentation will be ‘Public Safety Update – Could 2018 Have Gotten Any Weirder?’ Scott said that his presentation will cover the various public safety shenanigans from 2018. He said this will include the court decision overturning an arbitration ruling that reinstated a police officer, an arbitration award that overturned a termination for an officer who dragged an individual about 100 feet by the handcuffs and a court ruling that denied the City its ability to restructure a fire department. In his 30+ years of practice representing local government on law enforcement matters, Scott said that this..
BGS Shareholder and Champlin City Attorney Scott Lepak participated in the City of Champlin’s Heartsafe Community CPR training during the November 13, 2018 City Council Meeting. The City of Champlin began its HEARTSafe Initiative to educate the community about Sudden Cardiac Arrest (SCA) and increase the survivability of a person who has an SCA. HEARTSafe Champlin is a partnership between the Champlin Police Department, Anoka-Champlin Fire and Allina Health Services to provide training in CPR, access to Automated External Defibrillators (AEDs) and instruction in how to use them, as well as an outlet for purchasing these lifesaving devices. This is the third time Scott has been through CPR training. “When I had my first CPR class in high school, we learned the method of alternating..
BGS attorney Carole Clark Isakson has been a volunteer attorney with Women Venture for almost a year now, and last week was wonderfully surprised to find that her first WV client, LaTonya Johnson (Minnesota Electrolysis LLC) won this year’s “Nothing Ventured Nothing Gained Emerging Business Award”! Ms. Johnson’s award was presented on October 12, 2018 at the 23rd annual Women Mean Business luncheon and marketplace. Carole spent several months working with Ms. Johnson (and Women Venture) negotiating the terms of the purchase of assets, setting up Minnesota Electrolysis LLC, drafting documents and handling employee and operational issues. It was a great experience for lawyer and client alike, and Ms. Johnson’s receipt of the well deserved reward was an additional confirmation that her business will..