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Update of the IRS Correction Program
FIS Relius 
[Guidance Overview] Sept. 3, 2008
Excerpt: In Rev. Proc. 2008-50, the IRS has updated and expanded the Employee Plans Compliance Resolution System (EPCRS). The new correction procedure is effective January 1, 2009, but plans may elect to utilize the new procedure as early as September 2, 2008. The new procedure continues the same programs available in the previous procedure: self correction program (SCP), voluntary correction program (VCP) and the closing agreement program for errors discovered on audit (Audit CAP).
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