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.
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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.
Updated IRS Correction Principles and Changes to Voluntary Correction Program | McGuireWoods 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.