IRS Revenue Procedure Eases Correction Procedures
(Posted on April 22, 2019 by )


Internal Revenue ServiceThe IRS has just issued a new revenue procedure, Rev. Proc. 2019-19, which limits the number of plans that have to make IRS filings under the Voluntary Correction Program (“VCP”) in order to correct past errors.

The guidance adds provisions allowing plans to be corrected under the Self-Correction Program (“SCP”), which does not require an IRS filing, in the case of two sorts of errors:

  • Plan document failures
  • Correction by retroactive plan amendment

The revenue procedure also loosens certain requirements for dealing with plan loan failures.
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