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Monday, January 7, 2013
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.
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