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Correction-Seeking Retirement Plan Providers Must E-File in 2019

Sept. 28, 2018, 6:34 PM

Self-policing retirement plan administrators that want to correct any part of their programs with the IRS will have to do so exclusively online beginning next spring.

New guidance released Sept. 28 by the Internal Revenue Service governing the Employee Plans Compliance Resolution System alerts users of the Voluntary Correction Program that the payment and filing procedures are going paperless as of April 1, 2019. Retirement plan administrators will have to submit proposed changes and pay any applicable user fees via the government-run pay.gov site thereafter or risk losing their tax-favored status.

The Employee Plans Compliance Resolution System is a comprehensive ...

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