Acknowledging that mistakes do happen, the IRS established the Employee Plans Compliance Resolution System
Updates to Employee Plans Compliance Resolution System
The Internal Revenue Service (IRS) updated the terms of its Employee Plans Compliance Resolution System
(EPCRS) by issuing Revenue Procedure 2013-12 on December 31, 2012, and followed this in January with the Voluntary Corrections Program (VCP) application forms.
The Internal Revenue Service ORS) has modified and expanded its Employee Plans Compliance Resolution System
(EPCRS) with the release of Revenue Procedure 2013-12.
3 (e) of Circular 230 to representing taxpayers before the IRS with respect to issues involving the following programs or forms: employee plans determination letters, employee plans compliance resolution system
, employee plans master and prototype and volume submitter program, and the Form 5300 and the Form 5500 series that are filed by retirement plans and plan sponsors but not with respect to actuarial forms or schedules.
This edition incorporates administrative developments and changes such as the new procedures of the IRS's Employee Plans Compliance Resolution System
, changes implemented by Revenue Procedure 2008-50, and a revised appendix that includes its full text, the text of Revenue Procedure 2007-44, and other resources.
THE EMPLOYEE PLANS COMPLIANCE RESOLUTION SYSTEM
(EP CRS) allows employers to correct qualified plan errors while preserving the tax benefits of the plan and paying reduced penalties.
Recognizing that disqualification destroys the ability of a plan to provide retirement benefits, the IRS has established an Employee Plans Compliance Resolution System
, which has three methods to address errors in your plan:
Having initially submitted comments on scriveners' errors in 2004, the AICPA reiterated its position that these errors should be self-correctable under the Employee Plans Compliance Resolution System
This defect must first be corrected under the Voluntary Compliance Program of the Employee Plans Compliance Resolution System
THE IRS's EMPLOYEE PLANS COMPLIANCE RESOLUTION System
(EPCRS) can help plan sponsors correct qualification failures.
With the advent of the employee plans compliance resolution system
and its graded rewards and penalties (i.