Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 24 JANUARY 2013

IRS Releases New Guidance On Corrections Program For Qualified Retirement Plans

Grant Thornton LLP
Explore more from Grant Thornton LLP

The IRS has issued Rev. Proc. 2013-12 to provide updated guidance on the voluntary correction program for employee retirement plans.

United StatesTax
Grant Thornton'S Washington National Tax Office
Grant Thornton'S Washington National Tax Office
Author LinkedIn connections

The IRS has issued Rev. Proc. 2013-12 to provide updated guidance on the voluntary correction program for employee retirement plans, referred to as the Employee Plans Compliance Resolution System (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). The last time the IRS updated EPCRS was in Rev. Proc. 2008-50, and the IRS has released a chart of the significant changes from that revenue procedure.

Highlights of the significant changes include the following:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

GENIUS Act Crypto Tax Guide 2025-2026: What US Investors, Businesses, And Taxpayers Need To Know About The New Stablecoin Law, Form 1099-DA, And Digital Asset Regulation

The United States cryptocurrency regulatory landscape has undergone its most dramatic transformation in history. The signing of the GENIUS Act into law on July 18, 2025 — the first comprehensive federal crypto statute ever enacted — marks a before-and-after moment for American digital asset law.
United StatesTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

The First Round Of Saver’s Match Guidance Is Here

The Treasury Department and IRS have released Notice 2026-48, providing the first comprehensive guidance on SECURE 2.0's new Saver's Match program. This federal matching contribution for low- and moderate-income retirement savers introduces complex implementation challenges, including how to route taxpayer matches directly to retirement plans and IRAs. The Notice addresses eligibility requirements, income limits, contribution types, and delivery mechanisms while requesting public comments on operational app
United StatesTax
Groom Law Group, Chartered
Groom Law Group, Chartered
Article

California Expands Sales And Use Tax To SaaS And Certain Digital Products Starting 1 January 2027

California is implementing a major tax policy shift that will subject software-as-a-service, remotely accessed software, and digital products to sales and use tax beginning January 1, 2027. The California Department of Tax and Fee Administration has proposed emergency regulations establishing sourcing rules, a $5 million threshold that shifts tax liability from retailers to purchasers, and key exemptions for custom software and certain service-based digital products.
United StatesTax
K&L Gates
K&L Gates