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ARTICLE · 16 APRIL 2015

IRS Modifies Employee Plans Compliance Resolution System

Grant Thornton LLP
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In Rev. Proc. 2015-27, the IRS modified portions of the Employee Plans Compliance Resolution System (EPCRS).

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Mel Schwarz
Mel Schwarz
Dustin Stamper
Dustin Stamper
Shamik Trivedi
Shamik Trivedi
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In Rev. Proc. 2015-27, the IRS modified portions of the Employee Plans Compliance Resolution System (EPCRS). The IRS also released a chart including the significant modifications to the EPCRS.

The recently released revenue procedure modifies Rev. Proc. 2013-12, which was issued in 2013 to provide guidance regarding the voluntary correction program for employee retirement plans, referred to as the EPCRS. Under EPCRS, plan sponsors can correct certain errors in retirement plans, in some cases without having to notify the IRS. The correction programs under EPCRS include the Self-Correction Program (SCP), the Voluntary Correction Program (VCP) and the Audit Closing Agreement Program (Audit CAP).

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