Updated correction program for retirement planners.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. has revised Rev. Proc. 2006-27, which governs the Employee Plans Compliance Resolution System, its voluntary correction program for employee retirement plans. [ILLUSTRATION OMITTED] The revisions provide guidance for excluded employees, particularly in 401(k) plans, as well as for bad loans. The revisions also state that EPCRS EPCRS Employee Plans Compliance Resolution System (IRS) EPCRS European Pharmacopoeial Commission of Reference Substances is unavailable in cases where either the plan or plan sponsor has been a party to an abusive Tending to deceive; practicing abuse; prone to ill-treat by coarse, insulting words or harmful acts. Using ill treatment; injurious, improper, hurtful, offensive, reproachful. tax avoidance The process whereby an individual plans his or her finances so as to apply all exemptions and deductions provided by tax laws to reduce taxable income. Through tax avoidance, an individual takes advantage of all legal opportunities to minimize his or her state or federal transaction and the plan failure is directly or indirectly related to the abusive tax avoidance transaction. Full details are available at www.irs.gov/newsroom/article/0,,id=156743,00.html. |
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