self-correction
The IRS Starts the Summer with a Splash: New Guidance for Self-Correction
By Tenechia D. Lockhart on
As discussed in an earlier blog post, the SECURE 2.0 Act of 2022 (the Act) expanded the Employee Plans Compliance Resolution System (EPCRS), a comprehensive IRS program for correcting common qualified retirement plan failures. Plan sponsors have three ways to correct mistakes under EPCRS: the self-correction program (SCP), the voluntary correction program…
SECURE 2.0 Series Part 9: Now It’s Easier Than Ever to Clean Up Those Nasty Little Messes!
By Craig A. Day on
The SECURE 2.0 Act of 2022 (the Act) contains several provisions that liberalize the rules for fixing particular retirement plan administrative mistakes that happen occasionally. The IRS has a comprehensive program for correcting retirement plan failures, the Employee Plans Compliance Resolution System (EPCRS), including a self-correction program and a voluntary compliance program (VCP). …