IRS Updates Retirement Plan Correction Procedures

Greg Gautam • October 15, 2018

On September 28, 2018, the IRS released Revenue Procedure 2018-52 . The Revenue Procedure makes changes to the IRS Employee Plans Compliance Resolution System (“EPCRS”), which is the IRS’ comprehensive correction program for qualified retirement plans.  The primary purpose of the Revenue Procedure is establishing the process for filing correction applications and paying the applicable user fee through the www.pay.gov website.

Beginning April 1, 2019, the IRS will no longer accept paper applications meaning that plan sponsors are required to use pay.gov to submit their application and pay their user fees.  During a transition period running from January 1 – March 31, 2019, plan sponsors may, but are not required to, file their EPCRS applications online.

In order to file, applicants are required to create an account and complete and sign a Form 8950. The 8950 and the related submission documents will be uploaded as a single pdf. After payment is made through the site, a receipt and Tracking ID will generate and that Tracking ID will serve as the IRS control number for the EPCRS submission.  Applications that exceed the attachment file size limit are required to be faxed to the IRS. To supplement or modify a previously submitted application, applicants are required to call the VCP status inquiry line and the IRS will assist in determining how the supplement should be filed.

More on the new EPCRS electronic submission process can be found here .

Employee burnout: what it is and how to prevent it

By Mardy Gould • May 24, 2024
Employee burnout has become an epidemic in today’s modern workplace. So much so that the World Health Organization (WHO) officially recognizes it as an “occupational phenomenon.”1 While many used to consider mounting workplace stress an individual employee problem, these days, it’s become an employer’s responsibility to prevent burnout before it hurts productivity and business performance—not to mention your employees’ physical and mental health. Luckily, you can prevent burnout from affecting your workforce in several ways. This article will explore the causes and signs of employee burnout and the steps you can take to create a positive work environment where employees feel safe from toxic stress levels.

Form 720 and PCORI fee FAQs

By Mardy Gould • May 23, 2024
If you're a small business owner, you may have heard of the acronym PCORI and the fees that come with it. But what is PCORI, and how does it apply to your organization? Under the Affordable Care Act (ACA), sponsors of self-insured health plans must pay a fee to fund the federal Patient-Centered Outcomes Research Institute (PCORI). PCORI is an independent organization the ACA created to conduct research to help healthcare consumers make better decisions for their specific needs and outcomes. It also performs research related to clinical effectiveness. Employers offering a self-insured medical reimbursement health plan, such as a health reimbursement arrangement (HRA), must pay this fee by July 31 each year via Form 7201. This fee was initially set to expire in 2019, but Congress extended it through September 30, 20292, due to the Further Consolidated Appropriations Act of 20203.
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