Compliance January 24, 2013

IRS Voluntary Correction Program Forms Available

The Internal Revenue Service (IRS) has released Voluntary Correction Program (VCP) forms.
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Fillable application forms and model submission documents are now available for use with VCP submissions made under the Employee Plans Compliance Resolution System (EPCRS). Forms 8950 and 8951 must be included with any VCP submission made under Revenue Procedure 2013-12.  

Model submission documents can help you resolve certain plan failures (eligibility, loans, late amendments, among others) and ensure that all required information is included.  

The agency recently released Revenue Procedure 2013-12, which included changes to allow correction of 403(b) plan document failures and new VCP procedures. (See “IRS Updates Compliance Resolution System.”) The IRS will has scheduled free phone forums to discuss the changes. (See “IRS Holding Correction Program Phone Forums.”)

More information and the news forms are available here.

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