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Since 1998 the Internal Revenue Services (the “IRS”) has had a comprehensive employees plans correction program with three components: self-correction (SCP), voluntary correction with...
STACK Infrastructure (“STACK”), the digital infrastructure partner to the world’s most innovative companies, today announced the extension of its global ...
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...