The IRS has posted "
Retirement Plan News for Employers" Spring 2010 newsletter featuring important updates and information for 401(k) plan sponsors; the Form 5500 filing deadline; fixing common plan mistakes; and other timely topics. Inside this issue readers will find:
- 401(k) questionnaire Coming to 1,200 Employers -- "During the week of May 17th, IRS Employee Plans Compliance Unit (EPCU) will send a letter and instructions to 1,200 employers sponsoring 401(k) plans asking them to complete the "401(k) Compliance Checklist Questionnaire...Failure to respond or provide complete information will result in further action or examination of the plan..."
- Upcoming 5500 Filing Deadline -- "Plan sponsors must file Form 5500-series returns on the last day of the seventh month after their plan year ends...Plans can request an extension to file by submitting Form 5558...Consider these important changes for 2009 Form 5500 Filings..."
- Small Business Week -- "May 23-29, 2010 is 'National Small Business Week'...IRS recognizes that many small business owners do not have a retirement plan or are having trouble running it correctly. The Retirement Plans Community website addresses this issue by educating small business owners about the benefits of having a retirement plan as well as how to keep the plan in compliance with the law..."
- We're Glad You Asked - Q &A on various retirement plan compliance issues
- Fixing Common Plan Mistakes: Improper Forfeiture Suspense Accounts
- IRS Employee Plans Videos -- Helping Small Business Owners and Employees
- Save the Date for Our Nationwide Tax Forums!
- New Profit Sharing Publication
- The Filing Cabinet -- new IRS publications available: Publication 4721, Adding Automatic Enrollment to Your 401(k) Plans and Publication 4806, Profit Sharing Plans for Small Businesses; revised publications are also listed
- Desk Side Chat...With Monika Templeman -- Who Can Represent a Plan Sponsor During an Employee Plans Examination?
- IRS Summer Phone Forums -- Form 2848 vs Form 8821 on June 1, 2010; ESOP Update on June 24, 2010
- DOL News -- "On May 6, DOL/EBSA and the U.S. Securities and Exchange Commission issued guidance to assist investors and plan participants to better understand the operations and risks of target date fund investments..."
- Employee Plans Published Guidance
- Mark Your Calendar
- Timing is Everything Flyer -- the benefits of participating in a company's retirement plan
Please
contact us with questions about about the information in these articles or how it applies to a sprecific company-sponsored retirement plan.