The IRS today issued a reminder about a correction program that allows any business or organization that sponsors a retirement plan (including SEP and SIMPLE IRA plans) to identify and correct problems.
The IRS transmittal message briefly outlines the correction programs (the self-correction program and the voluntary correction program) and notes that beginning April 1, 2019, all voluntary correction program submissions must be made electronically. Any paper submissions sent to the IRS with a postmark after March 31, 2019, will be returned to the applicant.
The IRS release also lists certain “tips” to follow when making a voluntary correction program submission electronically.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.