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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...with respect to all participants and beneficiaries, and for all taxable years (whether or not the taxable year is closed)." The "full correction" requirement is tempered somewhat by section 6.02(4), which provides special exceptions permitting an employer to --
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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