Daily Tax Update - March 27, 2015: Senate Votes to Adopt Republican Budget PLan 52-46

Senate Votes to Adopt Republican Budget Plan 52-46:  Today the Senate voted 52-46, largely along party lines, to adopt the 2016 Republican budget plan.  Senator Rand Paul (R-KY) and Senator Ted Cruz (R-TX) were the only Republican senators who voted against the bill.  No Democrats voted in favor of the bill.

IRS Issues Modifications to the Employee Plans Compliance Resolution System: Today the IRS issued Revenue Procedure 2015-27, which contains guidance pertaining to the Employee Plans Compliance Resolution System (EPCRS), a comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of Sections 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code, but that have failed to meet those requirements for a period of time.  The guidance includes miscellaneous changes made to improve EPCRS, such as reduced Voluntary Correction Program compliance fees relating to failures to meet the requirements of Section 72(p) with respect to participant loans.  Additionally, the guidance clarifies correction rules on overpayment failures. 

Miscellaneous Guidance: Today the IRS released Revenue Procedure 2015-29, which provides that the IRS will no longer issue rulings concerning whether the taxpayer meets the requirements of Section 45 or Notice 2010-54 for refined coal.