Bulletin No. 2023–24

HIGHLIGHTS

OF THIS ISSUE





Bulletin No. 2023–24

June 12, 2023

These synopses are intended only as aids to the reader in

identifying the subject matter covered. They may not be

relied upon as authoritative interpretations.

EMPLOYEE PLANS

Notice 2023-43, page 919.

Section 305 of the SECURE 2.0 Act expands the SelfCorrection Program under EPCRS and requires that Rev.

Finding Lists begin on page ii.

Proc. 2021-30 be revised to take into account the provisions of section 305 no later than two years after the date

of enactment of the SECURE 2.0 Act. This notice is intended

to assist taxpayers by providing interim guidance in advance

of the update to Rev. Proc. 2021-30.

The IRS Mission

Provide America’s taxpayers top-quality service by helping

them understand and meet their tax responsibilities and

enforce the law with integrity and fairness to all.

Introduction

The Internal Revenue Bulletin is the authoritative instrument

of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service

and for publishing Treasury Decisions, Executive Orders, Tax

Conventions, legislation, court decisions, and other items of

general interest. It is published weekly.

It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application

of the tax laws, including all rulings that supersede, revoke,

modify, or amend any of those previously published in the

Bulletin. All published rulings apply retroactively unless otherwise indicated. Procedures relating solely to matters of internal management are not published; however, statements of

internal practices and procedures that affect the rights and

duties of taxpayers are published.

Revenue rulings represent the conclusions of the Service

on the application of the law to the pivotal facts stated in

the revenue ruling. In those based on positions taken in rulings to taxpayers or technical advice to Service field offices,

identifying details and information of a confidential nature are

deleted to prevent unwarranted invasions of privacy and to

comply with statutory requirements.

Rulings and procedures reported in the Bulletin do not have the

force and effect of Treasury Department Regulations, but they

may be used as precedents. Unpublished rulings will not be

relied on, used, or cited as precedents by Service personnel in

the disposition of other cases. In applying published rulings and

procedures, the effect of subsequent legislation, regulations,

court decisions, rulings, and procedures must be considered,

and Service personnel and others concerned are cautioned

against reaching the same conclusions in other cases unless

the facts and circumstances are substantially the same.

The Bulletin is divided into four parts as follows:

Part I.—1986 Code.

This part includes rulings and decisions based on provisions

of the Internal Revenue Code of 1986.

Part II.—Treaties and Tax Legislation.

This part is divided into two subparts as follows: Subpart A,

Tax Conventions and Other Related Items, and Subpart B,

Legislation and Related Committee Reports.

Part III.—Administrative, Procedural, and Miscellaneous.

To the extent practicable, pertinent cross references to these

subjects are contained in the other Parts and Subparts. Also

included in this part are Bank Secrecy Act Administrative

Rulings. Bank Secrecy Act Administrative Rulings are issued

by the Department of the Treasury’s Office of the Assistant

Secretary (Enforcement).

Part IV.—Items of General Interest.

This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements.

The last Bulletin for each month includes a cumulative index

for the matters published during the preceding months. These

monthly indexes are cumulated on a semiannual basis, and are

published in the last Bulletin of each semiannual period.

The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.

June 12, 2023 

Bulletin No. 2023–24

Part III

Guidance on Section 305

of the SECURE 2.0 Act

of 2022 with Respect to

Expansion of the Employee

Plans Compliance

Resolution System

Notice 2023-43

I. PURPOSE

This notice provides guidance in

the form of questions and answers with

respect to section 305 of Division T of

the Consolidated Appropriations Act,

2023, Pub. L. 117-328, 136 Stat. 3559

(2022), known as the SECURE 2.0 Act

of 2022 (SECURE 2.0 Act), enacted on

December 29, 2022. Section 305 provides

for the expansion of the Employee Plans

Compliance Resolution System (EPCRS),

currently set forth in Rev. Proc. 2021-30,

2021-31 IRB 172, and directs the Secretary

of the Treasury or the Secretary’s delegate

(Secretary) to revise Rev. Proc. 2021-30,

or any successor guidance, to take into

account the provisions of section 305 not

later than the date that is two years after

the date of enactment of the SECURE 2.0

Act.

This notice is intended to assist taxpayers by providing interim guidance

in advance of an update to Rev. Proc.

2021-30 and is not intended to provide

comprehensive guidance with respect

to section 305 of the SECURE 2.0 Act.

Among other issues addressed, this

notice (1) provides that a plan sponsor

may self-correct an eligible inadvertent

failure (as defined in section 305(e) of

the SECURE 2.0 Act) before Rev. Proc.

2021-30 is updated if certain conditions

are satisfied and certain exceptions do

not apply, (2) provides that a custodian

of an individual retirement account

described in section 408(a) of the Internal

Revenue Code (Code) or an individual

retirement annuity described in section

408(b) (IRA) may not correct an eligible

inadvertent failure under EPCRS before

1

Rev. Proc. 2021-30 is updated, and (3)

provides interim interpretive guidance

that applies with respect to corrections

of eligible inadvertent failures. This

notice does not address section 301 of

the SECURE 2.0 Act, which relates to

the recovery of plan overpayments, or

section 350 of the SECURE 2.0 Act,

which relates to correcting automatic

contribution errors in a plan described

in section 401(a), 403(b), 408, or 457(b)

of the Code. This notice also does not

address any elements of section 305 of

the SECURE 2.0 Act over which the

Department of Labor has authority.1

The Department of the Treasury

(Treasury Department) and the Internal

Revenue Service (IRS) invite comments

on the guidance in this notice and any other

aspect of section 305 of the SECURE 2.0

Act.

II. BACKGROUND

Rev. Proc. 2021-30 sets forth EPCRS,

a system of correction programs for sponsors of qualified plans, section 403(b)

plans, SEPs, and SIMPLE IRA plans that

have failed to satisfy the requirements of

section 401(a), 403(a), 403(b), 408(k), or

408(p) of the Code, as applicable. The

components of EPCRS are: (1) the SelfCorrection Program (SCP), under which

a plan sponsor that has established compliance practices and procedures may

self-correct certain plan failures without

payment of any fee or sanction, provided

certain conditions are satisfied; (2) the

Voluntary Correction Program (VCP),

under which a plan sponsor, at any time

before examination, may pay a limited fee

and receive the IRS’s approval for correction of a plan failure; and (3) the Audit

Closing Agreement Program, under which

a plan sponsor may correct certain plan

failures identified on examination and pay

a sanction. In addition to setting forth the

requirements of the correction programs,

Rev. Proc. 2021-30 sets forth correction

principles, rules of general applicability,

and certain acceptable correction methods

under EPCRS.

Rev. Proc. 2021-30 provides that,

under SCP, a plan sponsor of a qualified

plan or a section 403(b) plan generally

may self-correct certain significant operational failures and plan document failures

by the last day of the third plan year following the plan year for which the failure

occurred and may correct certain insignificant plan failures even if they are discovered on examination. A plan sponsor of a

SEP or SIMPLE IRA plan may self-correct

certain insignificant operational failures in

the SEP or SIMPLE IRA plan, even if the

failures are discovered on examination,

but may not self-correct a significant plan

failure in the SEP or SIMPLE IRA plan

under SCP. To be eligible to self-correct

a failure in a plan eligible for correction

under EPCRS, section 4.04 of Rev. Proc.

2021-30 provides that a plan sponsor must

have established practices and procedures

designed to promote and facilitate overall

compliance with applicable Code requirements. In addition, to be eligible for correction of significant plan failures under

SCP, a qualified plan or a section 403(b)

plan must, as of the date of correction, be

the subject of a favorable letter, as defined

in section 5.01(4) or 5.02(5) of Rev. Proc.

2021-30, as applicable, and, to be eligible

for correction of insignificant operational

failures in a SEP or SIMPLE IRA, the

plan must meet the document requirements set forth in section 4.03(2) of Rev.

Proc. 2021-30. Under SCP, a plan sponsor

must self-correct a failure in accordance

with the principles and rules of general

applicability set forth in section 6 of Rev.

Proc. 2021-30.

Under Rev. Proc. 2021-30, certain failures (for example, certain plan document

failures, certain loan failures, employer

eligibility failures, and demographic failures) are not eligible for correction under

SCP; to obtain reliance on the correction

of those failures, a plan sponsor must

seek approval from the IRS by filing an

application under VCP. Section 6.07 of

Rev. Proc. 2021-30 sets forth permitted

correction methods for loan failures and

identifies the loan failures that may not be

corrected under SCP.

See generally Amendment and Restatement of Voluntary Fiduciary Correction Program, 88 FR 9408 (Feb. 14, 2023).

Bulletin No. 2023–24

919

June 12, 2023

Section 305(a) of the SECURE 2.0 Act

provides that, except as otherwise provided in the Code, regulations, or other

guidance of general applicability prescribed by the Secretary of the Treasury

or the Secretary’s delegate (Secretary),

any eligible inadvertent failure to comply

with the rules applicable under section

401(a), 403(a), 403(b), 408(p), or 408(k)

of the Code may be self-corrected under

EPCRS, except to the extent that the failure was identified by the Secretary prior

to any actions that demonstrate a specific

commitment to implement a self-correction with respect to such failure, or the

self-correction is not completed within a

reasonable period after identification of

the failure. Section 305(a) of the SECURE

2.0 Act also provides that, for purposes of

self-correction of an eligible inadvertent

failure, the correction period under section 9.02 of Rev. Proc. 2021-30 (or any

successor guidance), except as otherwise

provided in the Code, regulations, or other

guidance of general applicability prescribed by the Secretary, is indefinite and

has no last day, other than with respect to

failures identified by the Secretary prior

to any actions that demonstrate a specific

commitment to implement a self-correction with respect to the failure or with

respect to a self-correction that is not

completed within a reasonable period, as

described in the preceding sentence.

Section 305(b)(1) of the SECURE 2.0

Act provides that an eligible inadvertent

failure relating to a loan from a plan to a

participant may be self-corrected under

section 305(a) according to the rules of

section 6.07 of Rev. Proc. 2021-30, or any

successor guidance, including the provisions related to whether a deemed distribution must be reported on Form 1099-R.

Section 305(c) of the SECURE 2.0 Act

provides that the Secretary shall expand

EPCRS to allow custodians of IRAs to

address eligible inadvertent failures with

respect to an IRA, including, but not limited to: (a) waivers of the excise tax that

would otherwise apply under section 4974

of the Code, and (b) rules permitting a

non-spouse beneficiary to return distributions to an inherited IRA described in section 408(d)(3)(C) in a case where, due to

an inadvertent error by a service provider,

the beneficiary had reason to believe

that the distribution could be rolled over

June 12, 2023

without inclusion in income of any part of

the distributed amount.

Section 305(d) of the SECURE 2.0

Act provides that the Secretary shall issue

guidance on correction methods required

to be used to correct eligible inadvertent

failures, including general principles of

correction if a specific correction method

is not specified by the Secretary.

Section 305(e) of the SECURE 2.0 Act

defines an eligible inadvertent failure as

a failure that occurs despite the existence

of practices and procedures that satisfy

(a) the standards set forth in section 4.04

of Rev. Proc. 2021-30 (or any successor

guidance), or (b) similar standards in the

case of an IRA. Under section 305(e),

an eligible inadvertent failure does not

include any failure that is egregious,

relates to the diversion or misuse of plan

assets, or is directly or indirectly related to

an abusive tax avoidance transaction.

Section 305(f) of the SECURE 2.0 Act

provides that section 305 of the SECURE

2.0 Act shall not apply to any failure

unless the correction of the failure is made

in conformity with the general principles

that apply to corrections of such failures

under the Code, including regulations or

other guidance issued thereunder, and

including principles and corrections set

forth in Rev. Proc. 2021–30 (or any successor guidance).

Section 305(g) of the SECURE 2.0 Act

provides that the Secretary shall revise

Rev. Proc. 2021-30, or any successor

guidance, to take into account the provisions of section 305 not later than the date

that is two years after the date of enactment of the SECURE 2.0 Act.

III. INTERIM GUIDANCE

REGARDING SECTION 305(a)

AND (b) OF THE SECURE 2.0

ACT – EXPANSION OF SELF

CORRECTION

Q-1. May a plan sponsor self-correct

an eligible inadvertent failure, as defined

in section 305(e) (Eligible Inadvertent

Failure), including an Eligible Inadvertent

Failure relating to a loan from a plan to a

participant that is corrected in accordance

with section 6.07 of Rev. Proc. 2021-30,

before Rev. Proc. 2021-30 is updated pursuant to section 305(g) of the SECURE

2.0 Act?

920

A-1. Except as provided in Q&A-2

of this notice and subject to additional

guidance in this notice, a plan sponsor

may self-correct an Eligible Inadvertent

Failure, including an Eligible Inadvertent

Failure relating to a loan from a plan to a

participant that is corrected in accordance

with section 6.07 of Rev. Proc. 2021-30,

before Rev. Proc. 2021-30 is updated pursuant to section 305(g) of the SECURE

2.0 Act, if the following conditions are

satisfied:

(1) The failure was not identified by the

Secretary prior to any actions demonstrating a specific commitment to

implement a self-correction with

respect to the failure.

(2) The self-correction is completed

within a reasonable period after the

failure was identified.

(3) The failure is not egregious, as

described in section 4.10 of Rev.

Proc. 2021-30, does not directly or

indirectly relate to an abusive tax

avoidance transaction, as described

in section 4.12(2) of Rev. Proc. 202130, and does not relate to the diversion or misuse of plan assets.

(4) The self-correction satisfies all of

the provisions applicable to self-correction set forth in Rev. Proc. 202130 (other than the provisions listed

in Q&A-3 of this notice), including

that –

• A plan sponsor must have established practices and procedures

reasonably designed to promote

and facilitate overall compliance

with applicable Code requirements, as described in section

4.04 of Rev. Proc. 2021-30;

• A plan sponsor must apply the

correction principles and rules of

general applicability set forth in

section 6 of Rev. Proc. 2021-30;

• A plan sponsor may, but is not

required to, self-correct using

a correction method set forth in

Appendix A or B of Rev. Proc.

2021-30 (and correction methods

described in Appendices A and B

are deemed to be reasonable and

appropriate methods of correcting a failure); and

• A plan sponsor may not use a

correction method that is prohibited under Rev. Proc. 2021-30.

Bulletin No. 2023–24

Q-2. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, are there any Eligible

Inadvertent Failures that a plan sponsor

may not self-correct?

A-2. Yes. Before Rev. Proc. 2021-30

is updated pursuant to section 305(g) of

the SECURE 2.0 Act, a plan sponsor may

not self-correct the following Eligible

Inadvertent Failures:

(1) A failure to initially adopt a written

plan under section 401(a), 403(a),

403(b), 408(k), or 408(p) of the Code,

including the failure to adopt a written section 403(b) plan timely to meet

the requirements of the final regulations under section 403(b).

(2) A failure in an orphan plan (as

defined in section 5.03(1) of Rev.

Proc. 2021-30).

(3) A significant failure (that is, a failure

that is not an insignificant failure, as

determined in accordance with the

factors set forth in section 8.02 of

Rev. Proc. 2021-30) in a terminated

plan.

(4) A failure that involves excess contributions to a SEP or SIMPLE IRA plan

and that is corrected by permitting the

excess contributions to remain in an

affected participant’s IRA.

(5) A demographic failure that is corrected using a method other than a

method set forth in Treas. Reg. §

1.401(a)(4)-11(g) (for example, a

demographic failure under section

401(a)(4) may not be corrected by

using a special testing provision set

forth in §1.401(a)(4)-8 or §1.401(a)

(4)-9, or by providing benefits primarily to short-service or low-paid

employees).

(6) An operational failure that is corrected by a plan amendment that

conforms the terms of the plan to the

plan’s prior operations in a manner

that is less favorable for a participant

or beneficiary than the original terms

of the plan.

(7) A failure occurring in a SEP with a

plan document that does not consist of either (a) a valid Model Form

5305-SEP or 5305A-SEP adopted by

an employer in accordance with the

instructions on the applicable form,

or (b) a prototype SEP that has a current favorable opinion letter and that

Bulletin No. 2023–24

has been amended in accordance with

the procedures set forth in Rev. Proc.

2002-10, 2002-1 CB 401.

(8) A failure occurring in a SIMPLE IRA

plan with a plan document that does

not consist of either (a) a Model Form

5305-SIMPLE or 5304-SIMPLE

adopted by the plan sponsor in accordance with the instructions on the

applicable form, or (b) a prototype

SIMPLE IRA Plan that has a current

favorable opinion letter and that has

been amended in accordance with

the procedures set forth in Rev. Proc.

2002-10.

(9) A failure in an ESOP that involves

section 409 in which tax consequences other than plan disqualification are associated with the failure,

for example, a failure under section

409(p).

Q-3. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, are there any provisions

of Rev. Proc. 2021-30 relating to self-correction that do not apply with respect to a

self-correction of an Eligible Inadvertent

Failure?

A-3. Yes. Before Rev. Proc. 202130 is updated pursuant to section 305(g)

of the SECURE 2.0 Act, the following

provisions of Rev. Proc. 2021-30 relating to self-correction do not apply with

respect to a self-correction of an Eligible

Inadvertent Failure:

(1) The requirement that a qualified plan

or section 403(b) plan be the subject of a favorable letter, as defined

in sections 5.01(4) and 5.02(5),

respectively.

(2) The prohibition of self-correction of

demographic failures and employer

eligibility failures, as set forth in section 4.06.

(3) The prohibition of self-correction of

significant failures under SEPs and

SIMPLE IRA plans, as set forth in

section 4.01(c).

(4) The prohibition of self-correction of

certain loan failures, as set forth in

section 6.07.

(5) The provisions relating to self-correction of significant failures that have

been substantially completed before

the plan or plan sponsor is under

examination, as set forth in sections

4.02(2) and 9.02(3).

921

(6) The requirement set forth in section 9 that a significant failure must

be completed or substantially completed by the end of a specified correction period (in general, the last

day of the third plan year following

the plan year for which the failure

occurred).

Q-4. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, when is an Eligible

Inadvertent Failure under a plan treated

as having been identified by the Secretary

and therefore no longer eligible for

self-correction?

A-4. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, an Eligible Inadvertent

Failure is treated as having been identified by the Secretary when the plan or

plan sponsor comes under examination,

as defined in section 5.08 of Rev. Proc.

2021-30. Accordingly, before Rev. Proc.

2021-30 is updated pursuant to section

305(g) of the SECURE 2.0 Act, once the

plan or plan sponsor comes under examination, the Eligible Inadvertent Failure

is no longer eligible for self-correction

unless the plan sponsor has, before the

plan or plan sponsor comes under examination, demonstrated a specific commitment to implement a self-correction with

respect to the Eligible Inadvertent Failure.

However, see Q&A-5 of this notice relating to self-correction of an insignificant

failure after a plan or plan sponsor comes

under examination.

Q-5. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, may a plan sponsor

self-correct a failure (including an Eligible

Inadvertent Failure) that is insignificant,

determined in accordance with the factors set forth in section 8.02 of Rev. Proc.

2021-30, even if the plan or plan sponsor

is under examination, as defined in section

5.08 of Rev. Proc. 2021-30, and even if

the failure is discovered on examination?

A-5. Yes.

Q-6. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, how will a determination be made as to whether actions taken

by a plan sponsor demonstrate a specific

commitment to implement the self-correction of an identified Eligible Inadvertent

Failure?

June 12, 2023

A-6. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, a determination as to

whether actions taken by a plan sponsor

demonstrate a specific commitment to

implement the self-correction of an identified Eligible Inadvertent Failure will be

made based on all the facts and circumstances. However, these actions must generally demonstrate that the plan sponsor is

actively pursuing correction of the specific

identified failure. The mere completion of

an annual compliance audit or adoption

of a general statement of intent to correct

failures when they are discovered are not

actions demonstrating a specific commitment to implement the self-correction of

an identified failure.

Q-7. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, how will a reasonable

period be determined for purposes of

ascertaining whether the self-correction of

an Eligible Inadvertent Failure has been

completed within a reasonable period

after it is identified by the plan sponsor?

A-7. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, for purposes of ascertaining whether the self-correction of

an Eligible Inadvertent Failure has been

completed within a reasonable period

after it is identified by the plan sponsor,

a reasonable period is determined by

considering all relevant facts and circumstances. Except with respect to an

employer eligibility failure described in

this Q&A-7, a failure that has been corrected by the last day of the 18th month

following the date the failure is identified by the plan sponsor will be treated

as having been completed within a reasonable period after it is identified. A

self-correction of an Eligible Inadvertent

Failure that is an employer eligibility

failure (as defined, for qualified plans

and 403(b) plans, in sections 5.01(2)(d)

and 5.02(2)(d) of Rev. Proc. 2021-30,

respectively, or, as determined for SEPs

and SIMPLE IRA plans under similar

principles) will be treated as having been

corrected within a reasonable period after

it is identified by the plan sponsor only if

the plan sponsor ceases all contributions

to the plan as soon as reasonably practicable after the failure is identified and,

June 12, 2023

in no event, later than the last day of the

6th month following the date the failure is

identified.

Q-8. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, is a plan sponsor prevented from self-correcting an Eligible

Inadvertent Failure on or after December

29, 2022, merely because the Eligible

Inadvertent Failure occurred prior to

December 29, 2022?

A-8. No.

Q-9. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, does self-correction

of an Eligible Inadvertent Failure with

respect to which an excise tax or additional tax applies automatically result in a

waiver of the tax?

A-9. No. Before Rev. Proc. 2021-30 is

updated pursuant to section 305(g) of the

SECURE 2.0 Act, self-correction of an

Eligible Inadvertent Failure with respect

to which an excise tax or additional tax

applies does not automatically result in

the waiver of the tax. However, a plan

sponsor may request that the IRS not pursue certain excise taxes or additional taxes

that apply with respect to the Eligible

Inadvertent Failure through a VCP submission to the IRS, as provided in section

6.09 of Rev. Proc. 2021-30. For an income

tax or excise tax issue that cannot be corrected under EPCRS, IRS Employee

Plans will accept a request for a closing

agreement through the Voluntary Closing

Agreement Procedure. See section 4.04

of Rev. Proc. 2023-4, 2023-1 IRB 162

(updated annually).

Q-10. May a plan sponsor submit a

VCP application under Rev. Proc. 202130 to correct an Eligible Inadvertent

Failure (including an Eligible Inadvertent

Failure that is a loan failure)?

A-10. Yes.

Q-11. Does section 305 of the SECURE

2.0 Act impose any new IRS recordkeeping requirements with respect to the

self-correction of an Eligible Inadvertent

Failure?

A-11. No. Section 305 of the SECURE

2.0 Act does not impose any new IRS

recordkeeping requirements with respect

to the self-correction of an Eligible

Inadvertent Failure; however, current IRS

recordkeeping requirements continue to

922

apply. Accordingly, if requested upon an

examination, a plan sponsor must be able

to provide documentation substantiating

the self-correction, such as documentation that: (1) identifies the failure, including the years of occurrence, the number

of employees affected, and the date the

failure was identified; (2) explains how

the failure occurred and demonstrates

there were established practices and procedures (formal or informal) reasonably

designed to promote and facilitate overall compliance that were in effect when

the failure occurred; (3) identifies and

substantiates the correction method and

the date of the completion of the correction; and (4) identifies any changes made

to those established practices and procedures to ensure that the same failure

would not recur.

IV. GUIDANCE REGARDING

SECTION 305(c) OF THE SECURE

2.0 ACT -- EPCRS FOR IRA

CUSTODIANS

Q-12. May an IRA custodian correct an

Eligible Inadvertent Failure under EPCRS

before Rev. Proc. 2021-30 is updated pursuant to section 305(g)?

A-12. No. An IRA custodian may not

correct an Eligible Inadvertent Failure

under EPCRS before Rev. Proc. 2021-30

is updated pursuant to section 305(g) of

the SECURE 2.0 Act.

V. RELIANCE AND FUTURE

GUIDANCE

Plan sponsors may rely on this notice

beginning on the date it is issued and

ending on the date Rev. Proc. 2021-30

is updated pursuant to section 305(g)

of the SECURE 2.0 Act. If a self-correction is completed by a plan sponsor on or after December 29, 2022, and

before the date this notice is issued, the

plan sponsor may apply a good faith, reasonable interpretation of section 305 of

the SECURE 2.0 Act in completing the

self-correction. A plan sponsor that completes a self-correction during this period

in a manner that accords with this notice

will be treated as having applied a good

faith, reasonable interpretation of section

305 of the SECURE 2.0 Act.

Bulletin No. 2023–24

VI. REQUEST FOR COMMENTS

The Treasury Department and the IRS

invite comments on the guidance in this

notice and any other aspect of section 305

of the SECURE 2.0 Act. In particular, the

Treasury Department and IRS seek comments relating to –

(1) Additional correction methods that

are required to be used to correct

Eligible Inadvertent Failures, including general principles of correction

if a specific correction method is not

specified by the Secretary; and

(2) A description of common IRA failures

and suggested correction methods for

those failures, and the possibility of

expanding EPCRS to be available for

both IRA custodians and IRA owners.

Bulletin No. 2023–24

Comments should be submitted in

writing on or before August 23, 2023,

and should include a reference to Notice

2023-43. Comments may be submitted

electronically via the Federal eRulemaking Portal at www.regulations.gov (type

“IRS Notice 2023-43” in the search field

on the Regulations.gov home page to

find this notice and submit comments).

Alternatively, comments may be submitted by mail to:

Internal Revenue Service

Attn: CC:PA:LPD:PR

(Notice 2023-43), Room 5203

P.O. Box 7604

Ben Franklin Station

Washington, D.C. 20044.

The Treasury Department and the IRS

will publish for public availability any

923

comment submitted electronically or on

paper to its public docket.

VII. DRAFTING INFORMATION

The principal author of this notice

is Amy Moskowitz of the Office of the

Associate Chief Counsel (Employee

Benefits, Exempt Organizations, and

Employment Taxes). However, other

personnel from the Treasury Department

and the IRS participated in the development of this guidance. For further information regarding this notice, contact Ms.

Moskowitz at (202) 317-5257 (not a tollfree number).

June 12, 2023

Definition of Terms

Revenue rulings and revenue procedures

(hereinafter referred to as “rulings”) that

have an effect on previous rulings use the

following defined terms to describe the

­effect:

Amplified describes a situation where

no change is being made in a prior published position, but the prior position is

being extended to apply to a variation of

the fact situation set forth therein. Thus, if

an earlier ruling held that a principle applied to A, and the new ruling holds that

the same principle also applies to B, the

earlier ruling is amplified. (Compare with

modified, below).

Clarified is used in those instances

where the language in a prior ruling is being made clear because the language has

caused, or may cause, some confusion. It

is not used where a position in a prior ruling is being changed.

Distinguished describes a situation

where a ruling mentions a previously published ruling and points out an essential

difference between them.

Modified is used where the substance

of a previously published position is being

changed. Thus, if a prior ruling held that a

principle applied to A but not to B, and the

new ruling holds that it applies to both A

and B, the prior ruling is modified because

it corrects a published position. (Compare

with amplified and clarified, above).

Obsoleted describes a previously published ruling that is not considered determinative with respect to future transactions.

This term is most commonly used in a ruling

that lists previously published rulings that

are obsoleted because of changes in laws or

regulations. A ruling may also be obsoleted

because the substance has been included in

regulations subsequently adopted.

Revoked describes situations where the

position in the previously published ruling

is not correct and the correct position is

being stated in a new ruling.

Superseded describes a situation where

the new ruling does nothing more than

restate the substance and situation of a

previously published ruling (or rulings).

Thus, the term is used to republish under

the 1986 Code and regulations the same

position published under the 1939 Code

and regulations. The term is also used

when it is desired to republish in a single

ruling a series of situations, names, etc.,

that were previously published over a

period of time in separate rulings. If the

new ruling does more than restate the substance of a prior ruling, a combination of

terms is used. For example, modified and

superseded describes a situation where the

substance of a previously published ruling

is being changed in part and is continued

without change in part and it is desired to

restate the valid portion of the previously published ruling in a new ruling that is

self contained. In this case, the previously

published ruling is first modified and then,

as modified, is superseded.

Supplemented is used in situations in

which a list, such as a list of the names of

countries, is published in a ruling and that

list is expanded by adding further names

in subsequent rulings. After the original

ruling has been supplemented several

times, a new ruling may be published that

includes the list in the original ruling and

the additions, and supersedes all prior rulings in the series.

Suspended is used in rare situations

to show that the previous published rulings will not be applied pending some

future action such as the issuance of new

or amended regulations, the outcome of

cases in litigation, or the outcome of a

Service study.

Abbreviations

The following abbreviations in current

use and formerly used will appear in

material published in the Bulletin.

A—Individual.

Acq.—Acquiescence.

B—Individual.

BE—Beneficiary.

BK—Bank.

B.T.A.—Board of Tax Appeals.

C—Individual.

C.B.—Cumulative Bulletin.

CFR—Code of Federal Regulations.

CI—City.

COOP—Cooperative.

Ct.D.—Court Decision.

CY—County.

D—Decedent.

DC—Dummy Corporation.

DE—Donee.

Del. Order—Delegation Order.

DISC—Domestic International Sales Corporation.

DR—Donor.

E—Estate.

EE—Employee.

E.O.—Executive Order.

ER—Employer.

Bulletin No. 2023–24

ERISA—Employee Retirement Income Security Act.

EX—Executor.

F—Fiduciary.

FC—Foreign Country.

FICA—Federal Insurance Contributions Act.

FISC—Foreign International Sales Company.

FPH—Foreign Personal Holding Company.

F.R.—Federal Register.

FUTA—Federal Unemployment Tax Act.

FX—Foreign corporation.

G.C.M.—Chief Counsel’s Memorandum.

GE—Grantee.

GP—General Partner.

GR—Grantor.

IC—Insurance Company.

I.R.B.—Internal Revenue Bulletin.

LE—Lessee.

LP—Limited Partner.

LR—Lessor.

M—Minor.

Nonacq.—Nonacquiescence.

O—Organization.

P—Parent Corporation.

PHC—Personal Holding Company.

PO—Possession of the U.S.

PR—Partner.

PRS—Partnership.

i

PTE—Prohibited Transaction Exemption.

Pub. L.—Public Law.

REIT—Real Estate Investment Trust.

Rev. Proc.—Revenue Procedure.

Rev. Rul.—Revenue Ruling.

S—Subsidiary.

S.P.R.—Statement of Procedural Rules.

Stat.—Statutes at Large.

T—Target Corporation.

T.C.—Tax Court.

T.D.—Treasury Decision.

TFE—Transferee.

TFR—Transferor.

T.I.R.—Technical Information Release.

TP—Taxpayer.

TR—Trust.

TT—Trustee.

U.S.C.—United States Code.

X—Corporation.

Y—Corporation.

Z—Corporation.

June 12, 2023

Numerical Finding List1

Bulletin 2023–24

Announcements:

2023-2, 2023-2 I.R.B. 344

2023-1, 2023-3 I.R.B. 422

2023-3, 2023-5 I.R.B. 447

2023-4, 2023-7 I.R.B. 470

2023-5, 2023-9 I.R.B. 499

2023-6, 2023-9 I.R.B. 501

2023-8, 2023-14 I.R.B. 632

2023-9, 2023-15 I.R.B. 639

2023-10, 2023-16 I.R.B. 663

2023-7, 2023-17 I.R.B. 797

2023-11, 2023-17 I.R.B. 798

2023-12, 2023-17 I.R.B. 799

2023-13, 2023-18 I.R.B. 833

2023-14, 2023-19 I.R.B. 853

2023-16, 2023-20 I.R.B. 854

2023-15, 2023-21 I.R.B. 856

AOD:

2023-1, 2023-10 I.R.B. 502

2023-2, 2023-11 I.R.B. 529

Notices:

2023-4, 2023-2 I.R.B. 321

2023-5, 2023-2 I.R.B. 324

2023-6, 2023-2 I.R.B. 328

2023-8, 2023-2 I.R.B. 341

2023-1, 2023-3 I.R.B. 373

2023-2, 2023-3 I.R.B. 374

2023-3, 2023-3 I.R.B. 388

2023-7, 2023-3 I.R.B. 390

2023-9, 2023-3 I.R.B. 402

2023-10, 2023-3 I.R.B. 403

2023-11, 2023-3 I.R.B. 404

2023-12, 2023-6 I.R.B. 450

2023-13, 2023-6 I.R.B. 454

2023-16, 2023-8 I.R.B. 479

2023-17, 2023-10 I.R.B. 505

2023-18, 2023-10 I.R.B. 508

2023-20, 2023-10 I.R.B. 523

2023-19, 2023-11 I.R.B. 560

2023-21, 2023-11 I.R.B. 563

2023-22, 2023-12 I.R.B. 569

2023-23, 2023-13 I.R.B. 571

2023-24, 2023-13 I.R.B. 571

2023-26, 2023-13 I.R.B. 577

2023-25, 2023-14 I.R.B. 629

2023-27, 2023-15 I.R.B. 634

2023-28, 2023-15 I.R.B. 635

2023-31, 2023-16 I.R.B. 661

2023-30, 2023-17 I.R.B. 766

2023-33, 2023-18 I.R.B. 803

Notices:—Continued

Treasury Decisions:

2023-34, 2023-19 I.R.B. 837

2023-38, 2023-22 I.R.B. 872

2023-39, 2023-22 I.R.B. 877

2023-40, 2023-22 I.R.B. 879

2023-41, 2023-23 I.R.B. 905

2023-43, 2023-24 I.R.B. 919

9970, 2023-2 I.R.B. 311

9771, 2023-3 I.R.B. 346

9772, 2023-11 I.R.B. 530

9773, 2023-11 I.R.B. 557

Proposed Regulations:

REG-100442-22, 2023-3 I.R.B. 423

REG-146537-06, 2023-3 I.R.B. 436

REG-114666-22, 2023-4 I.R.B. 437

REG 122286-18, 2023-11 I.R.B. 565

REG-120653-22, 2023-15 I.R.B. 640

REG-105954-22, 2023-16 I.R.B. 713

REG-120080-22, 2023-16 I.R.B. 746

REG 109309-22, 2023-17 I.R.B. 770

REG 121709-19, 2023-17 I.R.B. 789

REG-124064-19, 2023-17 I.R.B. 789

REG-108054-21, 2023-23 I.R.B. 907

Revenue Procedures:

2023-1, 2023-1 I.R.B. 1

2023-2, 2023-1 I.R.B. 120

2023-3, 2023-1 I.R.B. 144

2023-4, 2023-1 I.R.B. 162

2023-5, 2023-1 I.R.B. 265

2023-7, 2023-1 I.R.B. 305

2023-8, 2023-3 I.R.B. 407

2023-10, 2023-3 I.R.B. 411

2023-11, 2023-3 I.R.B. 417

2023-14, 2023-6 I.R.B. 466

2023-9, 2023-7 I.R.B. 471

2023-13, 2023-13 I.R.B. 581

2023-17, 2023-13 I.R.B. 604

2023-18, 2023-13 I.R.B. 605

2023-19, 2023-13 I.R.B. 626

2023-20, 2023-15 I.R.B. 636

2023-12, 2023-17 I.R.B. 768

2023-15, 2023-18 I.R.B. 806

2023-21, 2023-19 I.R.B. 837

2023-22, 2023-19 I.R.B. 838

2023-23, 2023-22 I.R.B. 883

Revenue Rulings:

2023-1, 2023-2 I.R.B. 309

2023-3, 2023-6 I.R.B. 448

2023-4, 2023-9 I.R.B. 480

2023-5, 2023-10 I.R.B. 503

2023-6, 2023-14 I.R.B. 627

2023-7, 2023-15 I.R.B. 633

2023-2, 2023-16 I.R.B. 658

2023-8, 2023-18 I.R.B. 801

2023-9, 2023-19 I.R.B. 835

2023-10, 2023-23 I.R.B. 884

2023-11, 2023-23 I.R.B. 886

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2022–27 through 2022–52 is in Internal Revenue Bulletin

2022–52, dated December 27, 2022.

1

June 12, 2023

ii

Bulletin No. 2023–24

Finding List of Current Actions on

Previously Published Items1

Bulletin 2023–24

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2022–27 through 2022–52 is in Internal Revenue Bulletin

2022–52, dated December 27, 2022.

1

Bulletin No. 2023–24

iii

June 12, 2023

Internal Revenue Service

Washington, DC 20224

Official Business

Penalty for Private Use, $300

INTERNAL REVENUE BULLETIN

The Introduction at the beginning of this issue describes the purpose and content of this publication. The weekly Internal Revenue

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If you have comments concerning the format or production of the Internal Revenue Bulletin or suggestions for improving it,

we would be pleased to hear from you. You can email us your suggestions or comments through the IRS Internet Home Page

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