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IRS Revenue Procedure 2021-30 updates EPCRS

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David Torrillo
Friday, July, 16, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
With Revenue Procedure 2021-30, the IRS has updated its Employee Plans Compliance Resolution System (EPCRS). EPCRS permits any plan sponsor of a retirement plan to correct plan failures. EPCRS offers three correction programs: Self-Correction Program (SCP) – Correct certain plan failures without contacting the IRS or paying a user fee Voluntary Correction Program (VCP) – Correct failures
401(k)403(b)compliance resolution systemDefined Benefit PlansEPCRSIRSPension Plansrevenue procedures

Plan Withholding Requirement For State Unclaimed Funds

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David Torrillo
Monday, October, 19, 2020 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
Under Revenue Ruling 2020-24, the Internal Revenue Service has ruled that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property fund and that it must report the payments on Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.). Read More
401(k)403(b)Defined Benefit PlansIRSrevenue proceduresUnclaimed Funds

IRS Updates Operational Compliance List for 2020

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David Torrillo
Tuesday, September, 15, 2020 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
The IRS recently updated its Operational Compliance List to include 2020 legislation and guidance to help plan sponsors identify changes that may affect their plan’s compliance. The Operational Compliance List (“OC” List) is provided per Rev. Read More
401(k)403(b)Defined Benefit PlansHardship DistributionsIRSOperational Compliance ListPension Plansrevenue procedures

Filing Relief for Form 5500 Filings Due Before July 15, 2020

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David Torrillo
Friday, April, 10, 2020 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
Per the AICPA Employee Benefit Plan Audit Quality Center, the IRS issued Notice 2020-23 which provides additional filing relief for taxpayers affected by the ongoing Coronavirus pandemic. The IRS filing relief includes Form 5500, Annual Return/Report of Employee Benefit Plan , due to be filed (originally or pursuant to a valid extension) on or after
401(k)403(b)Defined Benefit PlansDOLEBSAEFAST 2 Filing of Form 5500sFiling ReliefForm 5500IRSPBGCPension Plansrevenue procedures

Expansion of Determination Letter Program

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David Torrillo
Thursday, May, 02, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
Revenue. Procedure. 2019-20, consistent with the process described in Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides for a limited expansion of the determination letter program with respect to individually designed plans. Read More
401(k)Determination Letter ProgramIRSPension Plansrevenue procedures

IRS Modifies EPCRS for Loans and Certain Plan Document Failures

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David Torrillo
Monday, April, 22, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
With the issuance of Revenue Procedure 2019-19, the IRS modifies its Employee Compliance Resolution System for the second time in less than a year. Effective April 19, 2019, the IRS modified the IRS Employee Plans Compliance Resolution System (“EPCRS”). Read More
401(k)403(b)EPCRSIRSPlan Documentrevenue procedures

IRS Updates the Employee Plans Compliance Resolution System ( EPCRS )

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David Torrillo
Tuesday, October, 02, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
In Revenue Procedure 2018-52, the Internal Revenue Service (IRS) details new procedures under EPCRS that will require Plan sponsors to utilize www.pay.gov website to file Voluntary Correction Program (VCP) submissions and pay user fees. Read More
401(k)403(b)Defined Benefit PlansEPCRSIRSPension PlansPre-Approved Planrevenue procedures
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

36 Regency Plaza
Glen Mills, PA 19342

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Phone: 484-574-8782
Fax: 484-574-8785

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