Relaxed IRS Self-Correction Rules a Boon for Plan Sponsors—and an Opportunity to Correct Failures Now | Morgan Lewis jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
IRS Promotes Use of Fallback Language to Assist with Libor, IBOR Transition | Holland & Knight LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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On July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Retirement plan sponsors may use EPCRS to correct certain compliance mistakes, and avoid the adverse tax consequences associated with plan disqualification.
We have provided a summary of the changes below.
Modification to Existing Overpayment Correction Method
. The new guidance modifies the existing overpayment correction method to allow overpayment recipients to be given a choice as to whether to repay an overpayment in a lump sum, through an installment agreement or through future reductions in benefit payments.
IRS Makes Helpful Changes To EPCRS And Modifies Anonymous Submission Process - Employment and HR mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
Buckle Your Seatbelts: Tax Ramifications of the LIBOR Transition | Arent Fox jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.