Form 8951 - Compliance Fee For Application For Voluntary Correction Program (Vcp) Page 5
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Form 8951 (Rev. 1-2013)
Page
Example 2: Assume the same facts as
Paperwork Reduction Act Notice. We
The estimated average time is:
Example 1, except the plan sponsor
ask for the information on this form to
Recordkeeping .
.
.
. 3 hr., 21 min.
reports 40 participants on Line 5. The
carry out the internal revenue laws of the
Learning about the
required compliance fee is $1,000,
United States. If you want to have your
law or the form .
.
.
2 hr., 39 min.
calculated as follows: Pay the lesser of (i)
VCP submission approved by the IRS,
the general $1,000 compliance fee for
you are required to give us the
Preparing the form.
.
. 3 hr., 45 min.
plans with 21 to 50 participants or (ii)
information. We need it to determine
Copying, assembling,
whether your correction proposals meet
$1,375, calculated as follows: $500 (for
and sending the
401(a)(9) failures), plus $375 (for interim
the legal requirements applicable to
form to the IRS .
.
.
0 hr., 16 min.
amendment failures), plus $500 (for
qualified retirement plans.
If you have comments concerning the
nonamender failures (based on 50% of
You are not required to provide the
accuracy of this time estimate or
the $1,000 general compliance fee)).
information requested on a form that is
suggestions for making this form
Note. The compliance fee due on some
subject to the Paperwork Reduction Act
simpler, we would be happy to hear from
unless the form displays a valid OMB
VCP submissions may ultimately be
you. You can write to:
higher than the amounts previously
control number. Books or records
Internal Revenue Service
mentioned on this form. Additional
relating to a form or its instructions must
Tax Products Coordinating Committee
compliance fees may be due if the VCP
be retained as long as their contents
SE:W:CAR:MP:T:I
submission involves:
may become material in the
1111 Constitution Ave. NW, IR-6526
administration of any internal revenue
(a) Egregious qualification failures;
Washington, DC 20224
law. Generally, tax returns and return
(b) SEP, SARSEP or SIMPLE IRA
information are confidential, as required
Do not send this form to this address.
plans that choose to allow excess
by IRC section 6103.
Instead, see Where To File above.
amounts to remain within the affected
IRAs;
(c) Situations where the plan sponsor
has requested that the IRS waive the
additional 10% tax imposed by IRC
section 72(t) on certain plan distributions.
See sections 6.09(6), 12.06, and 12.07.
If applicable, the IRS will discuss the
matter with the plan sponsor and solicit
the additional compliance fee during the
review of the VCP submission.
Submission of Additional
Compliance Fees
The IRS's office of Employee Plans
Voluntary Compliance may contact you
regarding additional compliance fees
that may be due for a previously
submitted VCP case. Submit Form 8951
along with a copy of the check for the
additional compliance fee along with an
appropriate cover letter. Complete lines
1-5. It is important to complete line 6 by
checking the box and entering the
amount of the additional compliance fee
you are submitting plus the nine-digit
VCP case number that has been
assigned to your VCP submission. No
other items on the Form 8951 need to be
completed. Once a VCP submission has
been mailed to the IRS, an applicant
should not mail any checks to the IRS for
any compliance fee matters unless the
applicant has received specific
instructions from the IRS.
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