Form 8951 - Compliance Fee For Application For Voluntary Correction Program (Vcp) Page 5
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Form 8951 (Rev. 9-2015)
Page
Submission of Additional
Example 2. Assume the same facts as
You are not required to provide the
Example 1, except the plan sponsor
information requested on a form that is
Compliance Fees
reports 40 participants on Line 5. The
subject to the Paperwork Reduction Act
required compliance fee is $1,000,
The IRS's office of Employee Plans
unless the form displays a valid OMB
calculated as follows: Pay the lesser of (i)
Voluntary Compliance may contact you
control number. Books or records
regarding additional compliance fees
the general $1,000 compliance fee for
relating to a form or its instructions must
that may be due for a previously
plans with 21 to 50 participants or (ii)
be retained as long as their contents
submitted VCP case. Submit Form 8951
may become material in the
$1,375, calculated as follows: $500 (for
401(a)(9) failures), plus $375 (for interim
along with a copy of the check for the
administration of any Internal Revenue
amendment failures), plus $500 (for
additional compliance fee along with an
law. Generally, tax returns and return
nonamender failures (based on 50% of
appropriate cover letter. Complete lines
information are confidential, as required
1-5. It is important to complete line 6 by
the $1,000 general compliance fee)).
by IRC section 6103.
checking the box and entering the
Note: The compliance fee due on some
The estimated average time is:
amount of the additional compliance fee
VCP submissions may ultimately be
Recordkeeping .
.
.
. 3 hr., 21 min.
you are submitting plus the nine-digit
higher than the amounts previously
Learning about the
VCP case number that has been
mentioned on this form. Additional
law or the form .
.
.
. 2 hr., 39 min.
assigned to your VCP submission. No
compliance fees may be due if the VCP
other items on the Form 8951 need to be
submission involves:
Preparing the form.
.
. 3 hr., 45 min.
completed. Once a VCP submission has
(a) Egregious qualification failures;
Copying, assembling,
been mailed to the IRS, an applicant
and sending the
(b) SEP, SARSEP or SIMPLE IRA
should not mail any checks to the IRS for
form to the IRS .
.
.
. 0 hr., 16 min.
plans that choose to allow excess
any compliance fee matters unless the
amounts to remain within the affected
applicant has received specific
If you have comments concerning the
IRAs;
instructions from the IRS.
accuracy of this time estimate or
suggestions for making this form
(c) Situations where the plan sponsor
simpler, we would be happy to hear from
Paperwork Reduction Act Notice. We
has requested that the IRS waive the
you. You can send your comments to:
ask for the information on this form to
additional 10% tax imposed by IRC
carry out the Internal Revenue laws of
section 72(t) on certain plan distributions.
Internal Revenue Service
the United States. If you want to have
Tax Forms and Publications Division
See sections 6.09(6), 12.06, and 12.07.
your VCP submission approved by the
1111 Constitution Ave. NW, IR-6526
If applicable, the IRS will discuss the
IRS, you are required to give us the
Washington, DC 20224
matter with the plan sponsor and solicit
information. We need it to determine
the additional compliance fee during the
Do not send this form to this address.
whether your correction proposals meet
review of the VCP submission.
Instead, see Where To File above.
the legal requirements applicable to
qualified retirement plans.
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