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Most Expanded Self-Corrections Available Immediately for Workplace Retirement Plans, but Not for IRAs
June 13, 2023ArticleMost Expanded Self-Corrections Available Immediately for Workplace Retirement Plans, but Not for IRAs
June 13, 2023The IRS has green-lighted immediate use of most – but not all – expanded self-corrections for compliance failures involving tax-qualified retirement plans set out in Section 305 of the SECURE 2.0 Act of 2022 prior to any official updates to the IRS’s Employee Plans Compliance Resolutions System (EPCRS) self-correction program, as set out in Rev. Proc. 2021-30.