News & Analysis as of

Revenue Procedures Benefit Plan Sponsors Voluntary Correction Program

Faegre Drinker Biddle & Reath LLP

IRS Pilots Pre-Examination Compliance Program for Retirement Plans

In its recent June Employee Plans newsletter, the Internal Revenue Service (IRS) announced the launch of a 90-day pre-examination compliance pilot program. Under the program, the IRS will notify a plan sponsor that its...more

McDermott Will & Emery

New IRS Pre-Audit Compliance Program for Retirement Plans

McDermott Will & Emery on

Retirement plan sponsors should be aware of a new Internal Revenue Service (IRS) pilot program, which permits plan sponsors to conduct a pre-examination “check-up” of retirement plan administration before the IRS begins a...more

Snell & Wilmer

New Ways to Self-Correct Overpayments Under EPCRS

Snell & Wilmer on

On July 16, 2021, IRS issued Revenue Procedure 2021-30 to update the Employee Plans Compliance Resolutions System (the “EPCRS”). The update in part expands the opportunities for plan sponsors to self-correct failures under...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS updates EPCRS

The IRS has updated the Employee Plans Compliance Resolution System (EPCRS) with the release of Revenue Procedure 2021-30. The EPCRS is used to correct certain plan qualification failures. EPCRS contains the Self-Correction...more

Faegre Drinker Biddle & Reath LLP

Revised IRS Correction Procedures (EPCRS) Include Helpful Changes

On July 16, 2021, the Internal Revenue Service (“IRS”) published an updated version of its correction procedures for qualified retirement plans, Revenue Procedure 2021-30, the Employee Plans Compliance Resolution System...more

Verrill

Revenue Procedure 2021-30: A New and (Further) Improved EPCRS

Verrill on

The Internal Revenue Service has updated the Employee Plans Compliance Resolution System (EPCRS) in several respects that will be helpful to retirement plan sponsors. Revenue Procedure 2021-30, published July 16, 2021,...more

McDermott Will & Emery

Need a Do-Over? IRS Expands and Updates Qualified Plans Correction Guidance

McDermott Will & Emery on

The Internal Revenue Service (IRS) issued Revenue Procedure 2021-30, which provides an updated version of the Employee Plans Compliance Resolution System (EPCRS). EPCRS is the IRS’s comprehensive program for plan sponsors to...more

Foley & Lardner LLP

Some Welcome News: IRS Expands and Modifies Its Correction Methodology with New Employee Plans Compliance Resolution System...

Foley & Lardner LLP on

Plan sponsors and other administrators of eligible retirement plans must ensure that these plans are operated properly in accordance with the applicable requirements of the Internal Revenue Code, including the applicable plan...more

Buchalter

EPCRS Provides More Retirement Plan Self-Correction Opportunities  

Buchalter on

On July 16, 2021 the IRS issued Revenue Procedure 2021-30, which modifies and supersedes Revenue Procedure 2019-19, expanding the Employee Plans Compliance Resolution System (“EPCRS”). EPCRS is a program for correcting...more

Morgan Lewis

Relaxed IRS Self-Correction Rules a Boon for Plan Sponsors—and an Opportunity to Correct Failures Now

Morgan Lewis on

On July 16, 2021, the Internal Revenue Service (IRS) released Revenue Procedure 2021-30, which made several important changes to the Employee Plans Compliance Resolution System (EPCRS) and expanded the ability of plan...more

Eversheds Sutherland (US) LLP

IRS goes for gold with EPCRS Expansion

Just in time for the Olympics, the Internal Revenue Service (IRS) is attempting to take a medal in the category of “long-form voluntary compliance programs”. The IRS issued Revenue Procedure 2021-30 (Rev. Proc. 2021-30),...more

Morgan Lewis

IRS Expands Self-Correction Procedures, but Eliminates Anonymous Voluntary Correction Program

Morgan Lewis on

The Internal Revenue Service (IRS) made important changes to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2021-30 that are helpful for plan sponsors as they expand the ability of plan sponsors...more

Fisher Phillips

Employers Now Have New Opportunities For Self-Correction Under EPCRS

Fisher Phillips on

The Internal Revenue Service recently amended its Employee Plans Compliance Resolution System (EPCRS) to allow more retirement plan qualification failures to be self-corrected, including retroactive plan amendments. This is...more

Wilson Sonsini Goodrich & Rosati

Updated Employee Plans Compliance Resolution System Expands Self-Correction Opportunities for Retirement Plan Sponsors

The Internal Revenue Service (IRS) recently expanded self-correction opportunities under its Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2019-19, which was effective as of April 19, 2019. EPCRS...more

McDermott Will & Emery

IRS Expands Self-Correction Program, Provides Welcome Relief for Plan Sponsors

McDermott Will & Emery on

The IRS recently released an updated version of EPCRS, the IRS’s program for correcting errors that occur under tax-qualified retirement plans. The latest version of EPCRS makes it easier for plan sponsors to self-correct...more

Faegre Drinker Biddle & Reath LLP

IRS Announces Limited Expansion of the Determination Letter Program for Individually Designed Plans

Since the end of the IRS’s cyclical determination letter program for individually designed retirement plans in 2017, plan sponsors have been able to request favorable determination letters for individually designed plans only...more

Bradley Arant Boult Cummings LLP

IRS Updates EPCRS Plan Correction Procedure - Employee Relations Law Journal

Through Revenue Procedure 2018-52, the Internal Revenue Service (IRS) has updated its system of correction programs for retirement plans known as the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits plan...more

Proskauer - Employee Benefits & Executive...

A Good 403(b) or a Bad 403(b)? A Question IRS Auditors Look to Answer

In each case, the answer depends on whether the document and operation are in compliance with the many technical requirements for section 403(b) plans. IRS officials have recently indicated that the IRS expects to launch...more

Snell & Wilmer

To Err is Human – To Forgive is Up to the IRS in Rev Proc 2019-19

Snell & Wilmer on

The IRS recently issued its latest version of the Employee Plans Compliance Resolution System (“EPCRS”) in Rev. Proc. 2019-19. The EPCRS is the IRS program that assists employers in correcting both operational and document...more

Burr & Forman

Correcting Retirement Plan Errors Just Got Easier

Burr & Forman on

The Internal Revenue Service (IRS) issued Revenue Procedure 2019-19 on April 19, 2019, updating the Employee Plans Compliance Resolution System (EPCRS) to expand the types of plan errors that can be corrected under EPCRS....more

Seyfarth Shaw LLP

IRS Expands Self-Correction Program

Seyfarth Shaw LLP on

On April 19, 2019, the IRS issued Rev. Proc. 2019-19, updating its Employee Plans Compliance Resolution System (“EPCRS”) which permits retirement plan sponsors and administrators to correct compliance failures that may...more

Bradley Arant Boult Cummings LLP

New Fixer Upper Options for Retirement Plans: IRS Expands the EPCRS Self-Correction Program - Employee Benefits Alert

In Revenue Procedure 2019-19, the Internal Revenue Service (IRS) significantly expanded the availability of the Self-Correction Program (SCP) that plan sponsors may use to self-correct failures in their qualified retirement...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS changes EPCRS program, expands self-correction program

After annoying many plan sponsors and plan providers by increasing user fees for their voluntary compliance program (VCP), the Internal Revenue Service (IRS) goes the other way by increasing the number of opportunities for...more

Brownstein Hyatt Farber Schreck

IRS Expands Self-Correction of Retirement Plan Errors

In guidance issued on April 19, 2019, the IRS expands the situations in which retirement plan sponsors can self-correct compliance failures without first having to seek IRS approval or paying a fee. Employers should be aware...more

Eversheds Sutherland (US) LLP

IRS changes direction, issues new collection on plan correction

On April 19, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-19, which updates its Employee Plans Compliance Resolution System (EPCRS). The new EPCRS significantly expands the use of retroactive plan...more

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