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Compliance September 27, 2017
IRS Released New Versions of VCP Forms
Plan sponsors of tax favored retirement plans can use these forms to make an IRS Voluntary Correction Program (VCP) submission.
Reported by Rebecca Moore
The Internal Revenue Service (IRS) released new versions of Form 14568, Model VCP Compliance Statement, and Forms 14568-B through 14568-I, Model VCP Schedules.
Plan sponsors of tax favored retirement plans can use these forms to make an IRS Voluntary Correction Program (VCP) submission. The model schedules (Forms 14568- A to 14568-I) contain standardized methods to correct common errors that sponsors may discover in their plans and wish to resolve using VCP.
Generally, the IRS revised the following forms to make them easier to understand and better work with the Revenue Procedure 2016-51 requirements effective as of January 1, 2017. Revenue Procedure 2016-51 updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of Sections 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code.
Highlights of other changes to specific forms are available here.