• IRS Makes It Easier to Avoid Monetary Sanctions If the Plan Sponsor Has Established Internal Control Procedures
  • December 6, 2003 | Author: Jeffrey D. Mamorsky
  • Law Firm: Greenberg Traurig, LLP - New York Office
  • In its latest guidance on the Employee Plans Compliance Resolution System ("EPCRS"), the IRS makes it easier for employer plan sponsors and trustees (in the case of multiemployer plans) to self-correct operational errors that occur in the administration of their plans and avoid payment of IRS monetary sanctions provided that they have established internal control procedures to ensure that the plan is operated properly (Revenue Procedure 2003-44, released June 5, 2003).