VIEWpoint Issue 1 | 2022
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VIEWpoint Issue 2 | 2021
Errors can sometimes occur in the course of administering an employee retirement plan. The IRS’s Employee Plans Compliance Resolution System (EPCRS) offers programs to help employers that sponsor retirement plans correct errors in a timely and cost-effective manner.
Failure to timely correct plan administration errors can cause a plan to lose its tax-favored status. To reduce this risk, the IRS makes EPCRS available to sponsors of a wide variety of plans, including 401(k), 403(b), SEP and SIMPLE IRA plans.
EPCRS allows employers to correct a range of mistakes and avoid the harsh tax consequences associated with plan disqualification. Fees to use the program, if any, vary depending on the type of problem identified and when it is discovered.
EPCRS consists of three different correction programs — two that are voluntary and one for use during a plan audit.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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