IRS Employee Plans Correction Program Requires Electronic Filing Starting in 2019
On September 28, 2018, the Internal Revenue Service released Revenue Procedure 2018-52, its latest update of the Employee Plans Compliance Resolution System (“EPCRS”), a comprehensive system of procedures and principles approved by the IRS to allow plan sponsors to correct qualification failures in their tax-qualified retirement plans.
The below Client Alert examines the most significant update to EPCRS, which is the move toward electronic-only filing of submissions and payment of user fees under the IRS Voluntary Correction Program (“VCP”) in 2019.
PDF of Client Alert: CLIENT ALERT: IRS Employee Plans Correction Program Requires Electronic Filing Starting in 2019
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Our Executive Compensation & Employee Benefits Practice represents companies and individuals in virtually all aspects of the employment relationship and in a wide variety of industries. We provide strategic advice and offer creative, commercial solutions designed to achieve favorable outcomes for our clients.
Employees are a company’s most important asset, and our lawyers provide comprehensive advice to a wide variety of companies as to all facets of their compensation and benefits matters. Our abilities allow our clients to attract, retain and incentivize their employees and protect their commercial interests.
Our Labor & Employment Law lawyers counsel businesses of all sizes and levels of complexity in connection with their day-to-day employment concerns, focusing not only on the many federal, state and local laws and regulations that govern the workplace, but on each employer’s business and operational objectives. Our complete approach includes preventative measures, training, and representation in formal proceedings before federal and state courts and administrative agencies.
Tax-qualified retirement and pension plans present a minefield of complex tax and legal requirements for employers. Our attorneys are seasoned in navigating these issues, and provide clients with sophisticated legal advice on the design, operation and maintenance of a broad range of plans.
