IRS Updates and Expands its Employee Plans Correction Program
The Internal Revenue Service released Revenue Procedure 2019-19, reflecting the latest update to the Employee Plans Compliance Resolution System (“EPCRS”). EPCRS is a set of procedures that allow plan sponsors to correct qualification failures in their tax-qualified retirement plans. The below Client Alert summarizes the key changes to EPCRS that will allow employers greater latitude and flexibility to self-correct common plan failures without the need to go through a lengthy and costly IRS filing process.
PDF of Client Alert: CLIENT ALERT: IRS Updates and Expands its Employee Plans Correction Program
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Our Tax Practice draws on a wealth of experience representing financial institutions, fund sponsors and strategic company clients of all sizes and across all major industries, in domestic and cross-border transactions, to provide creative, tax efficient solutions to complex tax problems and challenges.
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.
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.
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