Revenue Procedure 2003-44, Park VII

---

To Table of Contents

 

Part VII. Effect on Other Documents; Effective Date; Paperwork Reduction Act

Section 15. Effect on Other Documents .01 Revenue Procedure 2002-47 modified and superseded. Section 16. Effective Date Section 17. Paperwork Reduction Act Drafting Information

---

Part VII. Effect on Other Documents; Effective Date; Paperwork Reduction Act

Section 15. Effect on Other Documents

.01 Revenue Procedure 2002-47 modified and superseded. Rev. Proc. 2002-47 is modified and superseded by this revenue procedure.

Section 16. Effective Date

This revenue procedure is generally effective October 1, 2003; however, plan sponsors are permitted, at their option, to apply the provisions of this revenue procedure on or after June 5, 2003.

Specifically, unless a plan sponsor applies the provisions of this revenue procedure earlier, this revenue procedure is effective:

(1) with respect to SCP, for failures for which correction is not complete before October 1, 2003;

(2) with respect to VCP, for applications submitted on or after October 1, 2003; and

(3) with respect to Audit CAP, for examinations begun on or after October 1, 2003.

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 4.05, 6.02(5)(d), 6.05, 6.06, 10.01, 10.02, 10.05, 10.06, 10.08, 11.02-11.04, 11.06-11.12, 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, businesses 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 13.11 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. § 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 the Employee Plans' taxpayer assistance telephone service at 1-877-829-5500 between 8:30 a.m. and 6:30 p.m., Eastern Time, Monday through Friday (a toll-free number). Ms. Terry and Mr. Watkins may be reached at (202) 283-9888 (not a toll-free number).

---

To Table of Contents

 

---

Official location: 2003-25 I.R.B. 1051 (June 23, 2003)

Also online at https://benefitslink.com/IRS/revproc2003-44.pdf