Bloomberg Tax
May 25, 2023, 3:50 PM

IRS Notice: Guidance on SECURE Act 2.0 Employee Plans Compliance Resolution System

Bloomberg Tax Automation
Bloomberg Tax Automation

Guidance on section 305 of the SECURE 2.0 Act of 2022 with respect to the expansion of the Employee Plans Compliance Resolution System (EPCRS), the IRS released May 25. Section 305 expands the Self-Correction Program under EPCRS and requires that Rev. Proc. 2021-30 be revised to take into account the provisions of section 305 no later than two years after the date of enactment of the SECURE 2.0 Act. This notice is intended to assist taxpayers by providing interim guidance in advance of the update to Rev. Proc. 2021-30. [Notice 2023-43, 2023-24 IRB __ (June 12, 2023)]

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