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Acronymfinder

What does APRSC stand for?

APRSC stands for Administrative Policy Regarding Self-Correction (IRS)


This definition appears very rarely

Samples in periodicals archive:

The administrative programs that were consolidated into EPCRS include * Administrative Policy Regarding Self-Correction (APRSC), which permits a plan sponsor with established compliance practices and procedures to correct "insignificant" operational failures without IRS approval, or a fee, and to amend "significant" failures within a two-year period with IRS approval.
98-22 provides that, in order for an employer to utilize any of the self-initiated correction programs (the Administrative Policy Regarding Self-Correction (APRSC), VCR, and Walk-in CAP, and possibly even the IRS-initiated Audit CAP), the employer must make a "full correction.
The Internal Revenue Service released a new administrative policy regarding self-correction (APRSC) to help employers that sponsor tax-qualified retirement plans and tax-sheltered annuities correct operational violations without adverse tax consequences.