"The Employee Plans Compliance Resolution System is a program created by the Internal Revenue Service that allows sponsors of qualified retirement plans, 403(b) plans, Simplified Employee Pension Plans and Savings Incentive Match Plan for Employees Individual Retirement Accounts to voluntarily correct various types of tax qualification errors. EPCRS, the most recent version of which was published in IRS Revenue Procedure 2013-12 in December 2012, has been in place in some form or fashion since the early 1990s...
Based on the results of our research, the EP Subcommittee is making recommendations that
fall into three general categories:
* Internal controls
o Institutionalize the culture of correction for future generations of Voluntary Compliance (VC) staff.
o Maximize VC resources to ensure that the more complex cases are directed to those with the backgrounds and experience to most efficiently resolve them.
* Procedural changes
o Facilitate more cost effective correction by plan sponsors by further streamlining the submission process, creating additional de minimus thresholds and expanding the use of reasonable estimates when actual data is not available.
* Additional substantive corrections
o Address errors for which the practitioner community would like added clarity..."
For the entire report, click here.
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