IRS Seeks Comments on Its IRA Compliance Resolution System
Published Date: 11/3/2026
Notice
Summary
The IRS wants your thoughts on a new system to help people fix problems with their Individual Retirement Accounts (IRAs). This system aims to make it easier and clearer to handle IRA issues, with no new fees announced yet. If you have ideas or concerns, send them by January 4, 2027, so the IRS can make it work better for everyone.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
New IRA correction program (ICRS)
The IRS is creating the IRA Compliance Resolution System (ICRS) under Revenue Procedure 2026-33 to let IRA custodians and IRA owners correct certain eligible inadvertent failures that happen because of custodian errors or inadvertent errors by a service provider. The program covers IRAs and annuities and replaces some prior waiver procedures.
Information‑collection burden on custodians
The IRS estimates this new information collection (OMB Control No. 1545-NEW) will generate 30,750 responses, take about 1 hour and 16 minutes per response, and total 38,909 annual burden hours. The affected public is listed as "Business or other for-profit organizations."
60‑day rollover waiver requests move to ICRS
Requests for waivers of the 60-day rollover requirement that were previously handled as private letter ruling requests under Rev. Proc. 2026-4 will be transitioned to requests for waivers under the new ICRS. This changes where and how waiver requests for missed 60-day rollovers are submitted.
No new fees announced yet
The notice states the IRS is seeking comments on the new ICRS and notes there are no new fees announced at this time. Stakeholders were invited to comment by January 4, 2027.
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