The IRS has issued revised instructions for 2022 of Form 8950, Application for Voluntary Correction Program (VCP) Under the Employee Plans Compliance Resolution System (EPCRS).
Form 8950 is part of a VCP submission. It must be filed using Pay.gov as part of a the submission in order to request written approval from the IRS for correction of a qualified plan, 403(b) plan, SEP, SARSEP, or SIMPLE IRA that has failed to comply with the applicable requirements of the Internal Revenue Code.
Modifications were made to form that reflect changes that were made to improve EPCRS by making changes to accommodate revisions to the IRS Voluntary Correction Program (VCP) and update various references and add other miscellaneous changes.
As of Jan. 1, 2022, representatives can use Form 8950 to request a written pre-submission conference with the IRS regarding a potential VCP submission.
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