On June 29, 2018, the IRS released new versions of Form 14568-B, Form 14568-E and Form 14568-H, Model VCP Schedules.
Plan sponsors can use these forms as part of a submission to the IRS’s Voluntary Correction Program (VCP). The model schedules contain standardized methods to correct common errors that sponsors may discover in their retirement plans and wish to resolve using VCP.
We’ve revised the three forms to:
- Lessen taxpayer burden
- Better work with Rev. Proc. 2018-4 and make sure they're consistent with the user fee requirements effective as of January 1, 2018
The specific changes to each form include:
|14568-B, Model VCP Compliance Statement - Schedule 2: Other Nonamender Failures and Failure to Adopt a 403(b) Plan Timely||Removed unnecessary check boxes and questions associated with the failure “Amendments required as a condition for a favorable determination letter.”|
|14568-E, Model VCP Compliance Statement - Schedule 5: Plan Loan Failures (Qualified Plans and 403(b) Plans)||Removed unnecessary and inaccurate Enclosure Item.|
|14568-H, Model VCP Compliance Statement - Schedule 8: Failure to Pay Required Minimum Distributions Timely||Removed unnecessary and inaccurate Enclosure Item.|