Which of the following statements is true regarding IRS, DOL, and PBGC?

The statement that IRS, DOL, and PBGC all have separate penalty assessments is accurate because each of these agencies operates under distinct legal frameworks and mandates. The Internal Revenue Service (IRS) primarily deals with tax-related issues and has the authority to impose penalties related to tax noncompliance. The Department of Labor (DOL) focuses on labor and employment issues, including benefits regulations, and has its own set of penalties for violations. The Pension Benefit Guaranty Corporation (PBGC) oversees the pension insurance program and also enforces its own penalties for noncompliance with pension-related regulations. Each agency has unique authority and processes for imposing penalties, which is why they cannot be combined into a single assessment or viewed as a single entity under different names. This differentiation is essential for maintaining compliance in their respective jurisdictions, making it critical for organizations to understand the distinct regulatory landscapes each agency governs.