News & Analysis as of

Audits Benefit Plan Sponsors Voluntary Correction Program

Bricker Graydon LLP

Did Your Auditors Find an Error During Your Plan Audit?

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It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and...more

Woods Rogers

They’re Back: IRS Announces Phase 2.0 of Pre-Audit Compliance Pilot

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On February 7, 2024, the IRS announced it has started the second phase of the Pre-Examination Retirement Plan Compliance Program pilot. (IRS Employee Plans News, February 7, 2024) Original Program Pilot - The initial...more

Bricker Graydon LLP

Why Time is of the Essence More than Ever in Correcting Retirement Plan Errors

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Errors in retirement plans happen even to the most well-intentioned plan sponsors. Several decades ago, the IRS published the first version of the Employee Plans Compliance Resolution Program (EPCRS), which outlines...more

McGuireWoods LLP

IRS Announces New Audit Program for Retirement Plans

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On June 3, 2022, the IRS announced it is launching a pilot pre-examination retirement plan compliance program, which generally will be effective immediately (June 2022). This pilot program essentially gives plan sponsors a...more

Woods Rogers

IRS Announces Another Compliance (Audit) Pilot Program. Oh joy!

Woods Rogers on

In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will...more

Kilpatrick

IRS Announces Pre-Audit Compliance Pilot Program

Kilpatrick on

On June 3, 2022, the IRS announced a new pre-audit compliance program for retirement plans beginning immediately in June 2022 (the “Pilot Program”). Under the Pilot Program, the IRS will send a pre-audit letter to plan...more

McDermott Will & Emery

Need a Do-Over? IRS Expands and Updates Qualified Plans Correction Guidance

McDermott Will & Emery on

The Internal Revenue Service (IRS) issued Revenue Procedure 2021-30, which provides an updated version of the Employee Plans Compliance Resolution System (EPCRS). EPCRS is the IRS’s comprehensive program for plan sponsors to...more

Foley & Lardner LLP

Some Welcome News: IRS Expands and Modifies Its Correction Methodology with New Employee Plans Compliance Resolution System...

Foley & Lardner LLP on

Plan sponsors and other administrators of eligible retirement plans must ensure that these plans are operated properly in accordance with the applicable requirements of the Internal Revenue Code, including the applicable plan...more

Morgan Lewis

IRS Expands Self-Correction Procedures, but Eliminates Anonymous Voluntary Correction Program

Morgan Lewis on

The Internal Revenue Service (IRS) made important changes to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2021-30 that are helpful for plan sponsors as they expand the ability of plan sponsors...more

McDermott Will & Emery

IRS Expands Self-Correction Program, Provides Welcome Relief for Plan Sponsors

McDermott Will & Emery on

The IRS recently released an updated version of EPCRS, the IRS’s program for correcting errors that occur under tax-qualified retirement plans. The latest version of EPCRS makes it easier for plan sponsors to self-correct...more

Snell & Wilmer

To Err is Human – To Forgive is Up to the IRS in Rev Proc 2019-19

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The IRS recently issued its latest version of the Employee Plans Compliance Resolution System (“EPCRS”) in Rev. Proc. 2019-19. The EPCRS is the IRS program that assists employers in correcting both operational and document...more

Burr & Forman

Correcting Retirement Plan Errors Just Got Easier

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The Internal Revenue Service (IRS) issued Revenue Procedure 2019-19 on April 19, 2019, updating the Employee Plans Compliance Resolution System (EPCRS) to expand the types of plan errors that can be corrected under EPCRS....more

Jackson Lewis P.C.

You’ve Discovered A Mistake In Your Plan Administration – Now What?

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Occasionally qualified plan administrators discover that their plans have incurred an operational error. The Internal Revenue Service (“IRS”) recognizes that it needs the help of plan administrators to police the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The easiest mistake most 401(k) plan sponsors make

The road to hell is paved with good intentions and that’s how I feel when it comes sometimes to what a 401(k) plan sponsor does. Yet, there is an error that too many 401(k) plan sponsors do that the Department of Labor (DOL)...more

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