Question for those of you who have filed w/ IRS for SVP (TH Failure)

[Guest esi-jht]

The plan failed to make TH minimums for 4 plan years, 2001-2004. We computed the required contribution and made allocations and deposit plus earnings. Since this failure (at least the first 2 years) exceeds the 2 year correction period for self correction we want to go forward to IRS w/ SVP. This will be our firm's first SVP filing. I want to know from those of you who have experience w/ these filings, what can I expect from the IRS. Not specifics, of course, but in general, will they be reasonable and accept the correcton method? Will they want to dig deeper looking for any other issues, etc?

[Guest B2Randolph]

The IRS is very reasonable when you go into the Voluntary Correction Program (VCP) under EPCRS. SVP no longer exists. Be sure and review Rev Proc 2003-44 and as long as you follow their filing criteria closely, you shouldn't have too much of a problem. Bear in mind, though, that it is taking about a year and one half to get the compliance letter back.

We have no experience with them looking into anything else.

Good luck.