The Internal Revenue Service recently lowered the fees for employers to participate in the Voluntary Correction Program (VCP). The revised fee schedule for employee plan user fees are effective February 1, 2016. The new reduced VCP submission fees are as follows:
|
Number of Participants |
Fee Amount |
|
20 or fewer participants |
$500 (down from $750) |
|
21 to 50 participants |
$750 (from $1,000) |
|
51 to 100 participants |
$1,500 (from $2,500) |
|
101 to 1,000 participants |
$10,000 |
|
Over 10,000 participants |
$15,000 (from $25,000) |
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