Compliance May 7, 2013

IRS Offers Tips for Avoiding VCP Delays

May 7, 2013 (PLANSPONSOR.com) – The Internal Revenue Service (IRS) has listed tips to avoid processing delays with plan sponsors’ Voluntary Correction Program (VCP) submissions.

Reported by

Rebecca Moore

Tips include including the required compliance fee with the submission, identifying late interim amendment failures and making sure the right person signs forms.

Following the announcement of its updated Employee Plans Compliance Resolution System (EPCRS) in January, the agency released updated VCP forms (see “IRS Voluntary Correction Program Forms Available”).

The IRS tips are here.