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).
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