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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
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
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).
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