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APRSCAdministrative Policy Regarding Self-Correction (IRS)
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Under the Administrative Policy Regarding Self-Correction program (APRSQ) as set forth in Revenue Procedures 98-22 and 99-31, a qualified plan sponsor is now permitted to selfcorrect certain failures in the operation of its plan without IRS approval and without payment of a monetary sanction.
The only program that does not require filing with the IRS is Administrative Policy Regarding Self-Correction (APRSC).
Administrative Policy Regarding Self-Correction (APRSC), which permits a plan sponsor with established compliance practices and procedures to correct "insignificant" operational failures without IRS approval, or a fee, and to amend "significant" failures within a two-year period with IRS approval.
98-22 provides that, in order for an employer to utilize any of the self-initiated correction programs (the Administrative Policy Regarding Self-Correction (APRSC), VCR, and Walk-in CAP, and possibly even the IRS-initiated Audit CAP), the employer must make a "full correction.
The IRS Administrative Policy Regarding Self-Correction (APRSC) builds on, and replaces, the IRS Administrative Policy Regarding Sanctions (APRS), which was established on Mar.
Q January 1997, the Internal Revenue Service announced a new procedure--the administrative policy regarding self-correction (APRSC)-for qualified retirement plans.
The Internal Revenue Service released a new administrative policy regarding self-correction (APRSC) to help employers that sponsor tax-qualified retirement plans and tax-sheltered annuities correct operational violations without adverse tax consequences.
The IRS issued an internal policy statement in January 1997 called the administrative policy regarding self-corrections (APRSC), which permits plan operating mistakes -- discovered and corrected within a year or so -- to avoid the sanctions discussed above as long as the plan has a letter of determination.
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