At a glance
- The program opens May 1, 2027, charges a $3,500 filing fee and covers four mistakes, a list the IRS says it may expand, according to Slott.
- The submission looks complicated enough that a CPA or attorney will likely need to be paid to prepare it.
- Unlike the correction program for employer plans, ICRS does not let IRA owners or custodians self-correct without going to the IRS, at least for now.
The IRS has published rules for the IRA Compliance Resolution System, a program that lets IRA owners, beneficiaries and custodians fix certain IRA errors by submitting a proposed correction to the IRS for approval and paying a fee, according to Ed Slott of IRAHelp.
The program opens May 1, 2027, charges a $3,500 filing fee and covers four mistakes, a list the IRS says it may expand, according to Slott. The submission looks complicated enough that a CPA or attorney will likely need to be paid to prepare it. Unlike the correction program for employer plans, ICRS does not let IRA owners or custodians self-correct without going to the IRS, at least for now. Existing self-correction programs for IRA owners remain in place and can still be used after May 1.
That leaves advisors a cheaper first question when a client surfaces a fixable IRA error: whether the mistake fits a program already in place before it justifies a $3,500 filing fee plus professional time.
Reported by the Tax & estate planning desk from Ed Slott — IRAHelp. Published . Corrections