The IRS just announced significant improvements (with one important exception) to its popular EPCRS Program, generally effective as of July 16, 2021. (See: Revenue Procedure 2021-30 (PDF)) and we are excited to announce a webinar covering these changes on August 10th at 10am PT. This webinar will fill up quickly so don’t wait – you can register by clicking HERE. Here is a quick summary of the changes:
expanded overpayment correction principles;
extended periods for self-correction;
broad expansion of the use of retroactive amendments to self-correct;
an increase in the de minimis “no correction needed” amount from $100 to $250; and
unfortunately, starting in 2022, John Doe submissions will no longer be allowed (but there is a new opportunity for a free pre-VCP John Doe conference).