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IRS Announces Relief for Late Rollovers of Retirement Plan Funds

Posted by Jennifer C. Plail CPA

Sep 29, 2016 8:32:00 AM

The IRS has released new guidance to help taxpayers avoid taxes and penalties for late rollovers of distributions from employer-sponsored retirement plans and individual retirement accounts (IRAs). Ordinarily, such rollovers must be completed within 60 days to be considered valid. The new guidance establishes a process for taxpayers who miss the 60-day rollover window for any one of 11 different reasons to correct the error.

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Topics: ira rollover, ira, employee benefit plan, individual retirement accounts, retirement plan, irs rev proc 2016-47

SEP & SIMPLE IRA Retirement Plans — Know & Avoid These Common Errors

Posted by Jennifer C. Plail CPA

Jun 23, 2016 11:00:00 AM

The IRS recently identified a number of common errors seen in two of the most popular retirement plans used by small businesses — the SEP plan and the SIMPLE IRA plan.

General Rules for SEPs

With a SEP (Simplified Employee Pension) plan, employers establish individual retirement accounts (IRAs) for each eligible employee. Contributions are made only by the employer (except in the case of SARSEP plans in place on December 31, 1996). The employer has discretion as to whether to make annual contributions.

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Topics: sep, simplified employee pension, retirement plan, simple ira

Retirement Plan Determination Letters: How Changes Affect Plan Sponsors

Posted by The Dopkins Assurance Services Group

May 5, 2016 4:30:00 PM

Historically, sponsors of qualified retirement plans (with the exception of 403(b) plans) have relied upon determination letters issued by the Internal Revenue Service (IRS) for assurance that their plans have been designed in compliance with applicable tax regulations, and accordingly, are qualified tax-exempt entities. While there never has been a legal requirement to obtain a determination letter, most plan sponsors preferred to obtain one because of the additional comfort provided that the plan, at the time the letter was issued, was designed in accordance with applicable tax regulations.

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Topics: retirement plan sponsor, remedial amendment period, determination letter, plan sponsor, RAP, retirement plan

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