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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.
to post a comment.
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