7-8 Month VCP Turnaround

[Christine Roberts]

FWIW, I just received two compliance statements for VCP applications filed in early August and early September 2019, respectively.  Not sure what others are experiencing in that regard.  Given recent confusion about referral to audit which was all a misunderstanding but which was rooted in how overloaded the program is, I am trying to calibrate clients' expectations about the program going forward. Would be interested to hear of other experiences with turnaround times.

[MoJo]

We've experienced turnaround times of 4 months to two years - with no rhyme or reason as to why (i.e., not based on complexity).  We try to set expectations appropriately, but clients generally aren't happy.  Something about "certainty" that they expect.  We resist the urge to call the IRS for status - as poking a bear has never yielded good results.  Something about being asked to rush usually means a cursory review and questions that h ave already been answered had a more thorough review been undertaken.

[Christine Roberts]

Thanks for these comments.  4 months would be nice...!

[MoJo]

21 minutes ago, Christine Roberts said:

Thanks for these comments.  4 months would be nice...!

Four month regularly would be nice, but alas, it's rare.  We seeing more 9 months to 15 as the more typical.

[EBECatty]

They must have done something to flush these out. I just got a compliance statement on one in late March, then a request for additional information a few days later on a different one. If memory serves, both were filed in early (i.e., January or February) 2019. 

[imchipbrown]

I did two VCPs for Non-Amenders.  The one with one missed cycles submitted 11/17 and approved 12/01.  The other, two cycles missed,  submitted 11/21 and approved 12/26.

 

[MoJo]

6 hours ago, imchipbrown said:

I did two VCPs for Non-Amenders.  The one with one missed cycles submitted 11/17 and approved 12/01.  The other, two cycles missed,  submitted 11/21 and approved 12/26.

 

Wow!  Can I borrow your magic wand? 

[EBECatty]

I had one like that as well. It was a straightforward non-amender and we had the compliance letter in under two weeks. 

The two that took much longer were individualized requests that didn't have a pre-approved correction under EPCRS. 

[Linda Wilkins]

Response time seems to be all over the board.  We submitted a VCP in January 2019, and mid-April 2020, we just had a reviewer assigned to the file contact us.  It is a late amender, very straightforward matter.