New procedures for IRS determination letter program
Employee Benefit News, December, 2005 by Dennis Murphy and Debbie Powell
The IRS determination letter program has been significantly redesigned by IRS Revenue Procedure 2005-66. (Rev. Proc. 2005-66, released August 26, 2005, is available at www.irs.gov/pub/irs-drop/rp-05-66.) The new program is intended to help both IRS and the private sector allocate technical resources more efficiently by providing a constant flow of determination letter requests each year rather than the flood of requests that resulted from a single submission deadline. Under the new rules, favorable determination letters will have an expiration date, and most retirement plans will have to file for a new determination letter once every five or six years on a specified schedule.
Background
The procedures for applying for a favorable determination letter depend on...
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