View Information Collection Request (ICR) Package
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Burden
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View Supporting Statement and Other Documents
Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-1673
ICR Reference No:
201208-1545-035
Status:
Historical Active
Previous ICR Reference No:
200905-1545-011
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
EC-1545-1673-035
Title:
Rev Proc 2008-50-Employee Plans Compliance Resolution System (RP 2006-27 ); Form 8950-App For Voluntary Correction Program; Form 8951-Compliance Fee for Emp Plans Voluntary Correction Program
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
01/04/2013
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/30/2012
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2016
36 Months From Approved
01/31/2013
Responses
10,020
0
19,434
Time Burden (Hours)
99,170
0
76,222
Cost Burden (Dollars)
0
0
0
Abstract:
The information requested in Revenue Procedure 2008-50 is required to enable the Internal Revenue Service to make determinations on the issuance of various types of closing agreements and compliance statements. The issuance of the agreements and statements allow individual plans to maintain their tax-qualified status. As a result, the favorable tax treatment of the benefits of the eligible employees is retained. The purpose of Form 8950 is to create a standardized application for the Voluntary Correction with Service Approval Program (VCP). VCP is an integral part of the Employee Plans Compliance Resolution System (EPCRS) as currently contained in Rev Proc 2008-50 and any updates. This form will help make the VCP program more efficient and able to handle a growing number of cases that come before the Service. This is in response to the duty placed on the Secretary of the Treasury by Section 1101 (b) of the Pension Protection Act of 2006 to continue to update and improve the EPCRS. Form 8951 is used in determining and submitting the proper compliance fee. A compliance fee is required with each application for an Employee Plan Voluntary Correction Program Submission. The compliance fees are set forth in section 12.02 of Revenue Procedure 2008-50 and subsequent revisions.
Authorizing Statute(s):
US Code:
26 USC 401
Name of Law: Qualified pension, profit-sharing, and stock bonus plans
US Code:
26 USC 403
Name of Law: Taxation of employee annuities
US Code:
26 USC 404
Name of Law: Deduction for contributions of an employer to anemployees' trust or annuity plan and compensation u
US Code:
26 USC 501
Name of Law: Exemption from tax on corporations, certain trusts, etc.
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
77 FR 37099
06/20/2012
30-day Notice:
Federal Register Citation:
Citation Date:
77 FR 69545
11/19/2012
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
3
IC Title
Form No.
Form Name
Form 8950--Application for Voluntary Correction Program (VCP)
Form 8950
Application for Voluntary Correction Program (VCP)
Form 8951--Compliance Fee for Employee Plans Voluntary Correction Program
Form 8951
Compliance Fee for Employee Plans Voluntary Correction Program
Revenue Procedure 2008-50 - Employee Plans Compliance Resolution System (RP 2006-27)
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
10,020
19,434
0
-9,414
0
0
Annual Time Burden (Hours)
99,170
76,222
0
22,948
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
Based upon the trend in VCP submissions filed with the IRS over the past 2 years, the number of responses/filers is being adjusted. This results in a 9,414 decrease in the total annual responses for this collection. New Forms 8950 and 8951 result in a 22,948 net increase in the total annual burden hours for this collection. -Form 8950 is a new form. It must be filed along with a VCP submission in order to request written approval from the IRS for correction of a Qualified Plan, 403(b) Plan, SEP, or SIMPLE IRA Plan that has experienced some sort of failure to comply with applicable requirements of the Internal Revenue Code and Revenue Procedure 2008-50. This collection results in 49,050 burden hours. -Form 8951 is a new form. Per Revenue Procedure 2008-50, a compliance fee is required with each application for an Employee Plan Voluntary Correction Program Submission. Form 8951 is created to simplify and facilitate with determining and submitting the proper compliance fee. This new collection results in 50,100 burden hours.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Kathleen Hermann 2022839635
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
11/30/2012
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