Supercharging Retirement Plan Fixes: IRS Revamps EPCRS with SECURE 2.0 The Internal Revenue Service (IRS) rolled out fresh guidance about the Employee Plans Compliance Resolution System (EPCRS) and its expansion under the SECURE 2.0 Act in the form of Notice 2023-43...
Self-correction
Expansion of the Employee Compliance Resolution System (EPCRS)
The law expands EPCRS to allow more types of errors to be corrected under the self-correction method. There is no time limit unless the self-correction is not completed within a reasonable time period after the failure is identified or the IRS catches the failure...