IRS Makes it Easier to Correct Certain Retirement Plan Compliance Issues | Foster Swift Collins & Smith
To embed, copy and paste the code into your website or blog: 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 wh...
Source: jdsupra.com