The Internal Revenue Service has issued an updated and expanded revision of a revenue procedure governing its popular voluntary correction program for employee retirement plans -- the Employee Plans Compliance Resolution System.

Under the system, plan sponsors and other plan professionals can correct certain errors in employee retirement plans, in some cases without having to notify the IRS. Correcting plans in this way allows participants to continue receiving tax-favored retirement benefits and protects the benefits of employees and retirees.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access