Common use of Future Enhancements Clause in Contracts

Future Enhancements. (1) It is expected that the EPCRS revenue procedure will continue to be updated on a periodic basis, including, as noted above, further improvements to EPCRS based on comments previously received. In addition, the Service and Treasury continue to invite further comments on how to improve EPCRS. Comments should be sent to: Internal Revenue Service Attention: T:EP:RA:VC ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇ (2) The Service and Treasury are considering expanding the procedures under EPCRS and are interested in receiving comments regarding, among other things, appropriate correction procedures for failures arising under § 457(b) plans. Submissions relating to § 457(b) eligible governmental plans will be accepted by the Service on a provisional basis outside of EPCRS. Submissions relating to other § 457(b) eligible plans may be accepted outside EPCRS as Employee Plans develops experience in the § 457 area. The Service is also interested in receiving comments regarding appropriate correction procedures for failures arising under Qualified Plans, 403(b) Plans and § 457(b) plans with § 408(q) “deemed IRA” provisions. Submissions related to Qualified Plans, 403(b) Plans and § 457(b) eligible governmental plans with § 408(q) “deemed IRA” provisions will be accepted by the Service on a provisional basis outside of EPCRS. (3) The Service and Treasury are evaluating the availability of the correction procedures under EPCRS for any failures related to a plan’s participation in a transaction that is a reportable transaction under Treas. Regs. §1.6011-4(b). Until this evaluation is completed, the Service reserves its right to treat any such failures as ineligible for EPCRS or to deal with any such failures outside EPCRS.