IRS Establishes IRA Compliance Resolution System (ICRS)

The IRS has issued Revenue Procedure 2026-33, establishing the IRA Compliance Resolution System (ICRS), for correcting certain IRA failures. The guidance implements a provision of the SECURE 2.0 Act directing the IRS to establish a correction program for certain eligible inadvertent failures involving IRAs. ICRS is effective May 1, 2027, and comments on the Revenue Procedure are requested by January 20, 2027.