The Internal Revenue Service released Dec. 31 the long-awaited revised revenue procedure updating the Employee Plans Compliance Resolution System.
The big deal is the new process for submitting applications, David Mustone, a partner at Hunton & Williams in McLean, Va., told BNA Jan. 2. Under Rev. Proc. 2013-12, the application process for correction programs will be more formalized and more efficient, he said.
Thomas G. Schendt, a partner with Alston & Bird in Washington, told BNA Jan. 2 that the revenue procedure "was long overdue but worth the wait."
The new revenue procedure had a long list of revisions, but practitioners agreed that there is nothing in the new EPCRS procedures that will make them change the way they evaluate and manage plans.
EPCRS consists of three correction programs: the self-correction program (SCP), the voluntary correction program (VCP), and the audit closing agreement program (Audit CAP). Rev. Proc. 2013-12 updated Rev. Proc. 2008-50.
Excerpted from a story that ran in Pension & Benefits Daily (1/8/2013).
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).