The article discusses why correcting plan failures using VCP may be the best option even where Self Correction is available.
Document Excerpt
I will often consult with other practitioners regarding the best means to correct qualification failures discovered with respect to client plans. After hearing a description of the failures and their client’s goals in correcting, I often find, and suggest, that they consider correcting under the IRS’s Voluntary Correction Program (”VCP”). On more occasions than not, I immediately hear or sense resistance to filing under VCP. Having used the program on several occasions, I am surprised at this hesitation and wish to explain why VPC may in fact be the best IRS correction program that your clients may not be using.
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