IRS Releases Annual Procedure Update for Requests for Determination Letters and Private Letter Rulings
Published January 09, 2023
The Internal Revenue Service (IRS) annually updates a procedure
that sets forth general information about the types of advice provided
by Employee Plans Rulings and Agreements and the procedures that apply
to both requests for determination letters and requests for private
letter rulings, and sets forth the rules for user fees that are required
to be paid when requesting various types of advice.
Revenue Procedure 2023-4 includes the following changes:
(1)
Sections 6, 8, 9, 10, 11, 19, and 20 and Appendix B are revised to
provide the procedures for obtaining a determination letter with respect
to a § 403(b) individually designed plan, beginning June 1, 2023.
Appendix A adds user fees for these submissions.
(2)
Sections 6.02 and 16 are revised to provide that Form 5307, Application
for Determination for Adopters of Modified Nonstandardized Pre-Approved
Plans and Form 5316, Application for Group or Pooled Trust Ruling, may
be submitted electronically beginning June 1, 2023, and must be
submitted electronically beginning July 1, 2023, including payment of
the user fee.
(3) Sections 3 and 31 and
Appendix A reflect the temporary suspension of the opinion letter
program for prototype IRAs (traditional, Roth and SIMPLE IRAs), SEPs
(including salary reduction SEPs (SARSEPs)), and SIMPLE IRA plans.
(4) Section 9.02 reflects changes to the scope of determination letters.
(5) Appendix A has been modified to increase certain user fees.
(6) A new Appendix G has been added which provides a checklist for applications for nonbank trustee approval letters.