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.
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