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Compliance January 6, 2016
IRS Issues New User Fee Schedule for Employee Plans
The agency has added references to 403(b) pre-approved plans in its user fee guidance.
Reported by Rebecca Moore
The Internal Revenue Service (IRS) has issued Revenue Procedure 2016-8, providing guidance for complying with the user fee program of the IRS as it pertains to requests for letter rulings, determination letters, Voluntary Correction Program (VCP) compliance statements, etc., on matters under the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division.
The revenue procedure is a general update of Rev. Proc. 2015–8. Section 5 has been modified to include the following definitions, which relate to VCP submissions: 403(b) Plan, Group Submission, Nonamender Failure, Orphan Plan, Plan Loan Failure, Qualified Plan and VCP Submission. The IRS added new section, “User Fees for Voluntary Correction Program (VCP) submissions under the Employee Plans Compliance Resolution System.”
In addition, references to 403(b) pre-approved plans were added and a section was added for 403(b) volume submitter specimen plans (mass and non-mass submitter).
The guidance is effective February 1, 2016.« How Much Pre-Retirement Income Will Social Security Replace?