Modifications to EPCRS

Rev. Proc. 2015-27 announces some modifications to the EPCRS including a reduction to the user fee under VCP for correction of certain loan failures and the ability to correct certain overpayments using other than the standard correction methods.

Document Excerpt

 The modifications to Rev. Proc. 2013-12 reflected in this revenue procedure include miscellaneous changes made to improve EPCRS, such as reducing VCP compliance fees relating to failures to meet the requirements of § 72(p) with respect to participant loans, and clarifying that for certain Overpayments, as defined in sections 5.01(3)(c) and 5.02(4) of Rev. Proc. 2013-12, a plan may use correction methods other than the correction methods set forth in sections 6.06(3) and 6.06(4) of Rev. Proc. 2013-12. This revenue procedure also requests comments on recoupment of Overpayments

Link

http://www.irs.gov/pub/irs-drop/rp-15-27.pdf

http://www.irs.gov/pub/irs-drop/rp-15-27.pdf

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