Summary
Late last month, the IRS released the latest version of its
Employee Plans Compliance Resolution System, the IRS's program
for correcting retirement plan errors. The newest version of the
correction program—effective beginning in 2019—includes
mostly minor changes and clarifications. Most importantly, however,
it requires electronic filing of Voluntary Correction Program
submissions beginning April 1, 2019.
In Depth
The Internal Revenue Service (IRS) recently issued an updated version of its Employee Plans
Compliance Resolution System (EPCRS) setting forth changes in how
Voluntary Correction Program (VCP) submissions will be filed with
the IRS in 2019. Most notably, electronic filing of VCP submissions
will be available as of January 1, 2019 and will be required as of
April 1, 2019. The updated version of EPCRS does not include any
significant changes to the popular Self-Correction Program (SCP) or
the Audit Closing Agreement Program (Audit CAP).
