VCP Late Amender to TRA'86- Actual Results

[Flyboyjohn]

There are many helpful posts to this forum regarding how to handle "very" late amenders (my situation goes back to 1998 and no documents can be located).

Suggestions have included a single VCP submission with the TRA, GUST and EGTRRA documents.

I'm wondering if anyone can report their success or any problems with such an approach.

[Kevin C]

I've done two very late amender VCP filings that included TRA 86, GUST and EGTRRA. I prepared all missing amendments and restatements and submitted them under Rev. Proc. 2008-50. Both were approved with no problems. Neither situation had missing documents, they just never amended or restated after adopting their plan.

I had a one-man plan where the sponsor came to us after an IRS auditor discovered he had missed a couple of restatements. The IRS only made them do a current document, but the Audit CAP fee was over $6,000 That makes the VCP filing fee look really good.

I've also done a few non-amender filings where they only missed some post GUST amendments. All of those were under 2008-50 as well. The only issue I had with any of those was over the filing fee. The IRS changed the eligibility requirements for the $375 missed interim amendments filing fee several years before they were updated with Rev. Proc. 2013-12. You won't have a problem with that now because 2013-12 reflects how they were determining the fees prior to its release.

[John Feldt ERPA CPC QPA]

We've done a few very late amender VCP filings, including TRA 86, GUST, EGTRRA. We did the TRA, GUST and EGTRRA documents and the interim amendments needed after EGTRRA. These have received approvals, and the only request from the IRS was to use a new listing to spell out each section of the code that was missed on the late interim amendments after EGTRRA. These were under 2008-50. Working on another TRA, GUST, EGTRRA as well, not submitted yet. All of these were money purchase plans handled without TPAs and each one found out they had a problem a distribution was to occur. In each case, the Bank IRA about to receive the rollover asked for proof the plan was qualified. How they found us was a different story.

We recently came across one where the original plan started in 2002. No original signed document could be found (they got rid of it when the entire plan was restated in 2003 to change from PS only to 401k), but they found other signed evidence that the plan was timely adopted. Submitted under 2013-12, waiting for response.