Effect of EPCRS on SEPs. For a SEP, if the eligibility requirements of section 4 are satisfied and the Plan Sponsor corrects a failure to satisfy the requirements of □ 408(k) in accordance with the applicable requirements of SCP in section 7 (but only if the corresponding Qualification Failure is an insignificant Operational Failure), VCP in sections 10 and 11, or Audit CAP in section 13, the Service will not treat the SEP as failing to meet □ 408(k). Thus, for example, if the Plan Sponsor corrects the failures in accordance with the requirements of this revenue procedure, the SEP will be treated as satisfying □ 408(k) for purposes of applying □ 3121(a)(5) (FICA taxes) and □ 3306(b)(5) (FUTA taxes).
Effect of EPCRS on SEPs. For a SEP, ifSEPs and SIMPLE IRA Plans. If the eligibility requirements of section 4 are satisfied and the Plan Sponsor, as defined in section 5.01(7), corrects a failure to satisfy the requirements of § 408(k) for a SEP or § 408(p) for a SIMPLE IRA Plan in accordance with the applicable requirements of SCP in section 7 (but only if thecorresponding Qualification Failurefailure is an insignificant Operational Failure), VCP in sections 10 and 11, or Audit CAP in section 13, the Service will not treat the SEP or SIMPLE IRA Plan as failing to meet § 408(k) or § 408(p), as applicable. Thus, for example, if the Plan Sponsor corrects the failures in accordance with the requirements of this revenue procedure, the SEP will be treated as satisfying § 408(k) and the SIMPLE IRA Plan will be treated as satisfying § 408(p), for purposes of applying § 3121(a)(5) (FICA taxes) and § 3306(b)(5) (FUTA taxes).
Effect of EPCRS on SEPs. For a SEP, if the eligibility requirements of sec- tion 4 are satisfied and the Plan Sponsor corrects a failure to satisfy the require- ments of § 408(k) in accordance with the applicable requirements of SCP in section 7 (but only if the corresponding Qualifi- cation Failure is an insignificant Opera- tional Failure), VCP in sections 10 and 11, or Audit CAP in section 13, the Ser- vice will not treat the SEP as failing to meet § 408(k). Thus, for example, if the Plan Sponsor corrects the failures in accordance with the requirements of this revenue procedure, the SEP will be treated as satisfying § 408(k) for purposes of applying § 3121(a)(5) (FICA taxes) and § 3306(b)(5) (FUTA taxes).
