View Information Collection Request (ICR) Package
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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:
202208-1545-005
Status:
Active
Previous ICR Reference No:
201906-1545-002
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
Employee Plans Compliance Resolution System (EPCRS)
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
12/18/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/31/2022
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2026
36 Months From Approved
12/31/2023
Responses
15,375
0
15,375
Time Burden (Hours)
190,941
0
190,941
Cost Burden (Dollars)
0
0
0
Abstract:
This revenue procedure updates the Comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of §§ 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code, but that have not met these requirements for a period of time. This system (http://www.irs.gov/Retirement-Plans/EPCRS-Overview), the Employee Plans Compliance Resolution System (EPCRS), permits Plan Sponsors to correct these failures and thereby continue to provide their employees with retirement benefits on a tax-favored basis. The components of EPCRS are: ○ Self-Correction Program (SCP)—permits a plan sponsor to correct certain plan failures without contacting the IRS or paying any fee. ○ Voluntary Correction Program (VCP)—permits a plan sponsor to, any time before audit, pay a fee and receive IRS approval for correction of plan failures. ○ Audit Closing Agreement Program (Audit CAP)—permits a plan sponsor to pay a sanction and correct a plan failure while the plan is under audit.
Authorizing Statute(s):
US Code:
26 USC 405
Name of Law: Individual retirement accounts
US Code:
26 USC 501
Name of Law: Exemption from tax on corporations, certain trusts, etc.
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
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:
87 FR 48558
08/09/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 64852
10/26/2022
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Form 8950--Application for Voluntary Correction Program (VCP)
8950
Application for Voluntary Correction Program (VCP) under the Employee Plans Compliance Resolution System (EPCRS)
Form 8951--Compliance Fee for Employee Plans Voluntary Correction Program
8951
Compliance Fee for Application for Voluntary Correction Program (VCP)
Revenue Procedure 2021-30
Revenue Procedure 2021-30 which includes Forms 14568, 14568-A thru I
14568, 14568-B, 14568-E, 14568-D, 14568-F, 14568-G, 14568-A, 14568-C, 14568-H, 14568-I
Appendix C Part I Model VCP Submission Compliance Statement
,
Appendix C Part II Schedule 1 Interim and Certain Discretionary Nonamender Failures
,
Appendix C Part II Schedule 2 Nonamender Failures (other than those to which Schedule 1 applies) and Failure to Adopt a 403(b) Plan Timely
,
Appendix C Part II Schedule 3 SEPs and SARSEPs
,
Appendix C Part II Schedule 4 Simple IRAs
,
Appendix C Part II Schedule 5 Plan Loan Failures (Qualified Plans and 403(b) Plans)
,
Appendix C Part II Schedule 6 Employer Eligibility Failure (§ 401(k) and 403(b) Plans only)
,
Appendix C Part II Schedule 7 Failure to Distribute Elective Deferrals in Excess of the § 402(g) Limit
,
Appendix C Part II Schedule 8 Failure to Pay Required Minimum Distributions Timely under § 401(a)(9)
,
Appendix C Part II Schedule 9 Correction by Plan Amendment (in accordance with Appendix B)
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
15,375
15,375
0
0
0
0
Annual Time Burden (Hours)
190,941
190,941
0
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$57,071
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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?
No
Agency Contact:
Paul Hogan 206 946-3472 paul.c.hogan@irs.gov
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:
10/31/2022
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