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ARTICLE · 29 JANUARY 2018

Benefits Counselor January 2018

Reinhart, Boerner, Van Deuren SC
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In Revenue Procedure 201-801, the Internal Revenue Service ("IRS") announced new fees for voluntary correction program ("VCP") filings, as well as other user fees.

United StatesEmployment and HR
Employee Benefits Group
Employee Benefits Group
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IRS Streamlines VCP Fees.

In Revenue Procedure 201-801, the Internal Revenue Service ("IRS") announced new fees for voluntary correction program ("VCP") filings, as well as other user fees. Most VCP submissions are now subject to a new fee structure based on the total amount of net assets in the retirement plan, rather than the total number of participants. Additionally, the IRS has eliminated the availability of most alternative or reduced fees. For VCP submissions made on or after January 2, 2018, the fees are as follows:

  • $1,500 for plans with total net assets of $500,000 or less;
  • $3,000 for plans with total net assets between $500,000 and $10,000,000; and
  • $3,500 for plans with total net assets of over $10,000,000.

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