Does retroactive correction under VCP affect previous required filings?

[Guest PiggyBank]

If under VCP the IRS requires a retroactive change to a plan that would have, had the change actually been in place at the previous time, affected the information reported on the 5500 and the plan sponsor's employer tax return, must amended 5500s and tax returns be filed as a consequence of the retroactive VCP correction? What if the retroactive change is beyond the 3 year and 6 year statute of limitations? EPCRS does not address this issue - is there another source that does?

[Kevin C]

My opinion is that amended prior year filings are not required since it is not listed as a requirement under EPCRS. With a VCP filing, the IRS already knows about the correction, so I would hope they don't want to go to the expense of processing multiple years of amended returns over something they have already looked at.

[Gudgergirl]

FYI - if you do certain corrections under the DOL's Voluntary Fiduciary COrrection program you ARE required to amend previously filed Form 5500s. See EBSA Notice, 4/19/06. I hope this next version of EPCRS addresses this.