VCP For Loan Failure - New Fee Rate

[austin3515]

How do I complete 8951 to pay the reduced loan fee that came out in 2015-27?

[austin3515]

http://www.irs.gov/pub/irs-dft/f8951--dft.pdf

I just found this draft of the new form... Lot of good it does me though.

[Belgarath]

Very carefully.

What I'd do, not that it is necessarily correct, is on Line 7a, I'd cross out the number of participants, and write in the correct number with a note to the effect of, "reduced loan correction fee schedule as per Revenue Procedure 2015-27 is being used." Then write in the correct amount where you'd normally put in the fee. I'd also make specific note/explanation of it in my cover letter.

I'm sure there are other, (perhaps better) ways to do it.