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IRS Employee Plans Compliance Resolution System Options Options

IRS Employee Plans Compliance Resolution System Options Options 2025

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The document outlines the IRS Employee Plans Compliance Resolution System (EPCRS) options available for correcting various types of errors in retirement plans, including operational, plan document, and demographic errors. It details three main correction options: Self-Correction Program (SCP), Voluntary Correction Program (VCP), and Audit Closing Agreement Program (Audit CAP), along with their eligibility requirements, correction deadlines, submission requirements, and associated fees.

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Does EPCRS apply to governmental plans?

Governmental employers whose IRC 401(a) and IRC 403(b) retirement plans are governmental plans under IRC 414(d) are currently eligible for EPCRS and may use its correction programs to fix most failures to follow plan terms or applicable tax law when operating the plan and failures to timely update the written plan.

How much is the VCP user fee?

The VCP user fee is typically based on the amount of assets in the plan, ranging from $1,500 to $3,500.

What does VCP stand for IRS?

If your retirement plan isnt currently being audited by the IRS, and you have mistakes with either the language in the plan document or how youve run your plan, you can apply to correct the mistakes under the Voluntary Correction Program (VCP):

What is the difference between IRS SCP and VCP?

Self-correction Program (SCP) - Permits a plan sponsor to correct certain plan failures without contacting the IRS or paying a fee. Voluntary Correction Program (VCP) - Permits a plan sponsor to, any time before audit, pay a fee and receive IRS approval for correction of plan failures.

What is the voluntary fiduciary correction program?

The VFC Program is designed to encourage correction of fiduciary breaches and compliance with the law by permitting persons to avoid potential Department of Labor civil enforcement actions and civil penalties if they voluntarily correct eligible transactions in a manner that meets the requirements of the Program.

What is the difference between Internal Revenue Code and Treasury regulations?

Treasury regulationscommonly referred to as federal tax regulationsprovide the official interpretation of the IRC by the U.S. Department of the Treasury and give directions to taxpayers on how to comply with the IRCs requirements.

What is the IRS SCP program?

The SCP permits plan sponsors to correct significant operational failures within three years of the year in which the failure occurred, provided the other requirements of the SCP are satisfied, while insignificant failures can be self-corrected at any time.

What is the difference between self-correction and VCP?

Though EPCRS allows for self-correction of certain plan errors without a submission to the IRS, which is known as the Self-Correction Program (SCP), VCP is a program where a formal submission to the IRS is required.

IRS Employee Plans Compliance Resolution System Options Options 2025

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