…Because Compensation Is More Than Wages
Happy New Year! You may have noticed that December 29, 2024 came and went without the Internal Revenue System (“IRS”) issuing a new Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure to incorporate the self-correction of eligible inadvertent failures in both qualified retirement plans and in IRAs.
Legislative Deadline Missed.
The IRS was directed…
On May 8, 2023, I wrote how guidance was sorely needed on SECURE 2.0’s self-correction of eligible inadvertent failures. See Guidance Sorely Needed On SECURE 2.0 Self-Correction of Inadvertent Failures. On May 25, the IRS issued Notice 2023-43 (Notice) providing guidance in the form of questions and answers meant to provide taxpayers guidance in…
In January, the IRS announced changes to the fees required for filing under the Voluntary Correction Program (VCP) of the Employee Plans Compliance Resolution System (EPCRS). The VCP program allows employers to voluntarily bring errors in plan documentation or operation to the attention of the IRS, and propose a correction method, and receive a compliance…
