# Bulletin No. 2023–24

> Briefs, arguments, decisions, and more.

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## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

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
Bulletins are available at www.irs.gov/irb/.

We Welcome Comments About the Internal Revenue Bulletin

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
www.irs.gov) or write to the Internal Revenue Service, Publishing Division, IRB Publishing Program Desk, 1111 Constitution Ave.
NW, IR-6230 Washington, DC 20224.

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A50852af29c7f6c7d. Public record. Not legal advice.