Are matters relating to excise taxes resolved under the EPCRS?
The correction programs are not available for events for which the Code provides tax consequences other than plan disqualification (such as the imposition of an excise tax or additional income tax). For example, funding deficiencies (failures to make the required contributions to a plan subject to ยง 412), prohibited transactions, and failures to file the Form 5500 cannot be corrected under the correction programs. However, it should be noted that excise taxes and additional taxes, to the extent applicable, are not waived merely because the underlying failure has been corrected or because the taxes result from the correction. There are some exceptions to this general rule.
