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New Voluntary Correction Program Fee Schedule

Posted by Paul D. Woodard | Oct 04, 2016 | 0 Comments

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)

About the Author

Paul D. Woodard

Paul Woodard practices in the areas of Employee Benefits, Employee Stock Ownership Plans, Pension and Profit Sharing Plans, ERISA, ERISA Litigation, Business Law, Qualified Domestic Relations Orders (QDROs), and Estate Planning.

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