Page 4 - Voluntary Correction Program News Today

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 plan examination.

Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues...

Attorneys say plan sponsors have a couple of strong incentives to identify and correct any compliance failures upon receiving a pre-audit letter under a new IRS program.

The IRS announced in its June 3 Employee Plans Newsletter a new 90-day Pre-Examination Compliance Pilot Program. Under the program, which is in effect, the IRS will notify an employer...

On June 3, 2022, the IRS announced a new pre-audit compliance program for retirement plans beginning immediately in June 2022 (the “Pilot Program”). Under the Pilot Program, the IRS...

An IRS bulletin for preapproved plan sponsors warns of consequences for missing the restated adoption agreement deadline.

The Internal Revenue Service’s Employee Plans function is pilot-testing a new pre-examination retirement plan compliance program starting this month as a way to shorten the length of time needed for exams.

As employers using a pre-approved plan document are aware, a plan restatement must be adopted by the end of the two-year window following the 6-year remedial amendment period cycle.

As employers using a pre-approved plan document are aware, a plan restatement must be adopted by the end of the two-year window following the 6-year remedial amendment period cycle....

On February 24, 2022, the Internal Revenue Service (IRS) published proposed regulations addressing the calculation and payment of required minimum distributions (RMDs) under qualified retirement plans..