RP-2019-19: modifies and supersedes Rev. Proc. 2018-52, 2018-42 I.R.B. 611
Internal Revenue Service (IRS) sent this bulletin at 04/19/2019 11:00 AM EDT
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Issue Number: RP-2019-19Inside This IssueRevenue Procedure 2019-19 modifies and supersedes Rev. Proc. 2018-52, 2018-42 I.R.B. 611, which sets forth the Employee Plans Compliance Resolution System (“EPCRS”), a comprehensive system of correction programs administered by the Employee Plans Division (TE/GE) for sponsors of retirement plans that have failed to satisfy certain requirements under § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Code. EPCRS generally permits plan sponsors to correct these failures and thereby continue to provide their employees with retirement benefits on a tax-favored basis. The components of EPCRS are the Self-Correction Program ("SCP"), the Voluntary Correction Program ("VCP"), and the Audit Closing Agreement Program ("Audit CAP"). Under SCP, a plan sponsor that has established compliance practices and procedures may self-correct certain plan failures without submitting the correction to the IRS for approval and without paying any fee or sanction to the IRS. This revenue procedure revises Rev. Proc. 2018-52 to expand the use of SCP to permit correction of certain Plan Document Failures and certain plan loan failures, including the ability to correct defaulted plan loans, the failure to obtain spousal consent on a plan loan, and the failure of permitting plan loans that exceed the number of plan loans permitted under the terms of the plan. This revenue procedure also provides an additional method of correcting Operational Failures by plan amendment under SCP. Note: the page numbers will be added into the published version in Internal Revenue Bulletin 2019-19 on May 6, 2019. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |