Fixing 401(k), SEP, SIMPLE IRA and IRA Mistakes: IRS Updates EPCRS (Rev. Proc. 2026-34) and Creates the New IRA Correction Program ICRS (Rev. Proc. 2026-33, Effective May 1, 2027)
On October 22, 2026, the IRS issued Rev. Proc. 2026-34, which updates EPCRS and, effective immediately, lets more 401(k), 403(b), SEP and SIMPLE IRA mistakes be self-corrected with more time to finish. Rev. Proc. 2026-33 creates ICRS, a new IRA correction program starting May 1, 2027 for custodian-caused RMD and account errors and 60-day rollover waivers, with a $3,500 IVCP user fee.
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