[Federal Register Volume 84, Number 105 (Friday, May 31, 2019)]
[Notices]
[Pages 25336-25337]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11376]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Employee Plans
Compliance Resolution System (EPCRS UPDATE OF REV. PROCS. 2018-52 and
2016-51, Including Forms 8950, 8951, 14568, 14568-A Through I)
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service (IRS), as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning Employee Plans
Compliance Resolution System (EPCRS UPDATE OF REV. PROCS. 2018-52 and
2016-51, including Forms 8950, 8951, 14568, 14568-A through I).
DATES: Written comments should be received on or before July 30, 2019
to be assured of consideration.
ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
or copies of this notice should be directed to Martha R. Brinson, at
(202) 317-5753, or at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Employee Plans Compliance Resolution System (EPCRS UPDATE OF
REV. PROCS. 2018-52 and 2016-51, including Forms 8950, 8951, 14568,
14568-A through I).
OMB Number: 1545-1673.
Abstract: This revenue procedure updates the Comprehensive system
of correction programs for sponsors of retirement plans that are
intended to satisfy the requirements of Sec. Sec. 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:
[cir] Self-Correction Program (SCP)--permits a plan sponsor to
correct certain plan failures without contacting the IRS or paying
any fee.
[cir] 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.
[cir] 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.
Current Actions: Rev. Proc. 2018-52, 2018-42 I.R.B. 611, which
modified and superseded Rev. Proc. 2016-51, 2016-42 I.R.B. 465, the
prior consolidated statement of the correction programs under EPCRS.
Rev. Proc. 2018-52 provides that beginning January 1, 2019, Plan
Sponsors may file a VCP submission with the IRS (including payment of
applicable user fees) using the www.pay.gov website. On or after April
1, 2019, Plan Sponsors are required to use the www.pay.gov website when
filing a VCP submission and paying applicable user fees. To ease the
transition to the new submission procedures, from January 1, 2019,
through March 31, 2019, Plan Sponsors are permitted to continue to file
paper VCP submissions with the IRS in accordance with the procedures in
sections 10 and 11 of Rev. Proc. 2016-51. The IRS will not accept paper
VCP submissions postmarked on or after April 1, 2019. In addition,
beginning April 1, 2019, the IRS no longer will process user fees paid
with a paper check.
In order to provide new procedures for filing a VCP submission and
paying applicable user fees on the www.pay.gov website, section 10
includes several modifications. Section 10.01 is revised to set forth
the requirements for satisfying the VCP procedures. In addition to
satisfying the terms of a compliance statement, the Plan Sponsor must
file the submission and pay the applicable user fee using the
www.pay.gov website. Many of the procedures for filing the VCP
submission are set forth in section 11. Although the Plan Sponsor is
responsible for filing the VCP submission and paying the user fee using
the www.pay.gov website, section 10.01 clarifies that a Plan Sponsor
may designate an authorized representative to file the VCP submission
if certain requirements are satisfied.
Section 11 sets forth filing procedures for VCP submissions. These
procedures have been modified to reflect electronic filing of VCP
submissions and payment of applicable user fees using the www.pay.gov
website. An electronic VCP submission filed using the www.pay.gov
website must include many of the same materials as a VCP submission
filed on paper pursuant to Rev. Proc. 2016-51.
For a description of the modifications to Rev. Proc. 2016-51, see
section 2 of Rev. Proc. 2018-52.
Type of Review: Revision of a currently approved collection.
Affected Public: Individuals and business or other for-profit
organizations, not-for-profit institutions, and state, local or tribal
governments.
Estimated Number of Respondents: 14,300.
Estimated Average Time per Respondent: 13 hours, 21 minutes.
Estimated Total Annual Burden Hours: 190,941.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval.
Comments will be of public record. Comments are invited on: (a) Whether
the collection of information is necessary for the proper performance
of the functions of the agency, including whether the information has
practical utility; (b) the accuracy of the agency's estimate of the
burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
ways to minimize the burden of the collection of information on or
other forms of information technology; and (e) estimates of capital or
start-up costs and costs of operation, maintenance, and purchase of
services to provide information.
[[Page 25337]]
Approved: May 28, 2019.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2019-11376 Filed 5-30-19; 8:45 am]
BILLING CODE 4830-01-P