Editor's Note: This revenue procedure has been modified by Rev. Proc. 2002-35 (click) with respect to GUST non-amenders who file by September 3, 2002.

Revenue Procedure 2001-17

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Other parts of this Revenue Procedure:
Table of Contents 1 2 3 4 5 6 7 a b c

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PART VII. EFFECT ON OTHER DOCUMENTS; EFFECTIVE DATE; PAPERWORK REDUCTION ACT

SECTION 15. EFFECT ON OTHER DOCUMENTS

.01 Revenue procedure 2000-16 modified and superseded. Rev. Proc. 2000-16 is modified and superseded by this revenue procedure.

.02 Rev. Proc. 2001-8 modified. Rev. Proc. 2001-8 is modified as provided in section 12.

SECTION 16. EFFECTIVE DATE

This revenue procedure is generally effective May 1, 2001. In addition, Plan Sponsors and Eligible Organizations are permitted, at their option, to apply the provisions of this revenue procedure on or after January 19, 2001 (the release date of this revenue procedure). Unless a Plan Sponsor or Eligible Organization applies this revenue procedure earlier, this revenue procedure is effective:

(1) with respect to SCP, for failures for which correction is not complete before May 1, 2001.

(2) with respect to VCP, for applications submitted on or after May 1, 2001; and

(3) with respect to Audit CAP, for examinations begun on or after May 1, 2001.

SECTION 17. PAPERWORK REDUCTION ACT

The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545-1673.

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid control number.

The collection of information in this revenue procedure is in sections 4.06, 6.02(5)(c), 6.05, 10.01, 10.02, 10.05-10.07, 11.02-11.04, 11.07-11.13, 13.01, section 2.01-2.07 of Appendix B, and Appendix C. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations regarding the issuance of various types of closing agreements and compliance statements. This information will be used to issue closing agreements and compliance statements to allow individual plans to continue to maintain their tax qualified and tax-deferred status. As a result, favorable tax treatment of the benefits of the eligible employees is retained. The likely respondents are individuals, state or local governments, business or other for-profit institutions, nonprofit institutions, and small businesses or organizations.

The estimated total annual reporting and/or recordkeeping burden is 56,272 hours.

The estimated annual burden per respondent/recordkeeper varies from .5 to 42.5 hours, depending on individual circumstances, with an estimated average of 113.11 hours. The estimated number of respondents and/or recordkeepers is 4,292.

The estimated frequency of responses is occasional.

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally tax returns and tax return information are confidential, as required by 26 U.S.C. section 6103.

DRAFTING INFORMATION

The principal authors of this revenue procedure are Maxine Terry and Carlton Watkins of the Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact Employee Plans taxpayer assistance telephone service between 1:30 and 3:30 p.m., Eastern Time, Monday through Thursday at (202) 283-4516/4517. (These telephone numbers are not toll-free numbers.) Ms. Terry and Mr. Watkins may be reached at (202) 283-9888 (also not a toll-free number).

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Other parts of this Revenue Procedure:
Table of Contents 1 2 3 4 5 6 7 a b c