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IRS Outlines Changes to Forms Used for VCP Submissions

The IRS has made available revised versions of a number of forms used for its Voluntary Correction Program (VCP). The IRS featured this development in the Aug. 14 edition of its Employee Plans Newse-newsletter.

The forms the IRS revised are Model VCP Schedules — Forms 14568-B, 14568-E and 14568-H, which can be used as part of a submission to the VCP. The IRS says that it made the revisions to reduce taxpayer burdens and ensure that these forms are consistent with the new user fees contained in Revenue Procedure 2018-4.

The specific changes are as follows.

Form 14568-B, Model VCP Compliance Statement - Schedule 2: Other Nonamender Failures and Failure to Adopt a 403(b) Plan Timely. Removed unnecessary check boxes and questions associated with the failure.

Form 14568-E, Model VCP Compliance Statement - Schedule 5: Plan Loan Failures (Qualified Plans and 403(b) Plans). Removed unnecessary and inaccurate Enclosure Item.

Form 14568-H, Model VCP Compliance Statement - Schedule 8: Failure to Pay Required Minimum Distributions Timely. Removed unnecessary and inaccurate Enclosure Item.