Baden Retirement Plan Services

IRS News--Form 5500 Notices; Fixing Plan Mistakes; Roth Rollovers

The Internal Revenue Services has published its Fall 2010 issue of Retirement News for Employers.  Some of the articles in this issue are:
 
  • In-Plan Roth Rollovers: Guidance and Forms 1099-R and 8606 reporting instructions for retirement plan sponsors and participants.
  • Rollovers as Business Start-Ups: Common ROBS operational mistakes made by new business owners using their retirement funds to pay business start-up costs.
  • Fixing Common Plan Mistakes: Voluntary Correction Program Submission Kit for missed April 30, 2010 deadline for signing a pre-approved EGTRRA plan document.
  • Form 5500 Notices Sent in Error Need a Response: Please respond to IRS CP213 notices requesting missing information even if you have corrected the error with an amended return.
  • New on the IRS website:
    • FAQs - special rules for 2010 rollovers and conversions to a Roth IRA
    • IRA-Based Plans - updated information on SEPs, SIMPLEs and Payroll Deduction IRAs
    • Rollover Chart - summary of permissible rollover options
 
Please contact us if you have questions about how the information in the articles apply to a specific employer sponsored tax qualified retirement plan.