Effect of Epcrs on 403b Plans Sample Clauses

Effect of Epcrs on 403b Plans. If the applicable eligibility requirements are satisfied and the employer corrects a failure in accordance with the requirements of APRSC, TVC, or Audit CAP for 403(b) Plans, the Service will not pursue income inclusion for affected participants, or liability for income tax withholding, on account of the failure. However, the correction of a failure may result in income tax consequences to participants (for example, participants may be required to include in gross income distributions of Excess Amounts in the year of distribution). In addition, if these requirements are met and correction is made under this revenue procedure, the annuity contracts or custodial accounts under a 403(b) Plan will be treated as annuity contracts described in § 403(b) for purposes of applying § 3121(a)(5) (FICA taxes) and for purposes of applying § 3306(a)(5) (FUTA taxes). However, contributions or allocations of Excess Amounts are generally treated as wages for purposes of FICA and FUTA taxes.
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Effect of Epcrs on 403b Plans. If the applicable eligibility requirements are satisfied and the employer corrects a failure in accordance with the require- ments of APRSC, TVC, or Audit CAP for 403(b) Plans, the Service will not pursue income inclusion for affected participants, or liability for income tax withholding, on account of the failure. However, the cor- rection of a failure may result in income tax consequences to participants (for ex- ample, participants may be required to in- clude in gross income distributions of Ex- cess Amounts in the year of distribution). In addition, if these requirements are met and correction is made under this revenue procedure, the annuity contracts or custo- dial accounts under a 403(b) Plan will be treated as annuity contracts described in § 403(b) for purposes of applying § 3121(a)(5) (FICA taxes) and for purposes of applying § 3306(a)(5) (FUTA taxes). However, contributions or allocations of Excess Amounts are generally treated as wages for purposes of FICA and FUTA taxes.
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Effect of Epcrs on 403b Plans 
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