IRS Updates Process of Issuing Determination Letters

The Internal Revenue Service published a revenue procedure Jan. 3 that updates the process for requesting employee plan determination letters from the agency.

In Rev. Proc. 2012-6, IRS updated procedures in Rev. Proc. 2011-6 for issuing determination letters on the qualified status of pension, profit-sharing, stock bonus, annuity, and employee stock ownership plans under tax code Sections 401, 403(a), 409, and 4975(e)(7), and on the tax-exempt status of related trusts or custodial accounts under tax code Section 501(a).

The updated revenue procedure eliminated requirements that IRS said were of limited utility to employers and the agency.

Under ...