Learn about low-cost retirement plans; low-maintenance alternatives to traditional 401(k)s; points to consider in choosing a plan for your business; and resources for setting up and operating your plan, and avoiding plan mistakes (60 mins.)
Learn about how Revenue Procedures 2015-27 and 2015-28 make it easier to correct elective deferrals failures; fix ongoing IRC 415 annual addition limit failures affecting some plans; recover overpayments paid to plan participants; and fix some participant loans and required minimum distribution failures through reduced IRS fees.
A retirement plan has benefits for everyone – the employer, the business and, of course, the employees. Employers may also be eligible for tax credits or incentives for starting a retirement plan. Keep in mind that tax law changes may affect a retirement plan. Be sure to stay up-to-date with any tax laws.
Learn about taking a distribution from a retirement or IRA-based plan; new plan distribution rule that allows you to direct pre and post-tax amounts to multiple destinations; 2015 one rollover per year rule for IRAs; exceptions to the additional 10% tax on early distributions from plans and IRAs; Importance of beneficiary designations; required minimum distributions.
Learn about what type of plans can make loans to participants; what are the conditions a plan must follow to make loans; what are the required terms of a plan loan; how plan loans may be taxable under IRC Section 72(p); when plan loans violate the prohibited transaction rules of IRC Section 4975; how to fix plan errors involving loans.
Learn about who may submit during the second Cycle E; what you must include with your application; how we will process your application; what are the new reference lists; what changes you must make to your plan (Notice 2014-77 - 2014 Cumulative List)?.
Learn about recent legislation; an overview of recent and pending IRS/Treasury guidance; current developments in determination letter processing and Employee Plans Compliance Resolution System (EPCRS) cases; and common issues arising in examinations.
Learn about the correction programs available under the Employee Plans Compliance Resolution System (EPCRS); the Voluntary Closing Agreement Program (VCAP) for issues that cannot be addressed under EPCRS; common failures and approaches to addressing those failures; and procedural tips that could facilitate the processing of VCP submissions
Learn about; the latest retirement plan trending topics; myRA; IRA tax-free rollovers; Windsor Supreme Court Ruling; invalid Social Security numbers; Form 5500-EZ filing pitfalls; and tips for self-employed plan sponsors.
Learn about defining “Date of Termination"; reversions – what needs to be done; funding requirements – satisfied as of the date of termination; Pension Benefit Guaranty Corporation (PGBC) issues; Notice of Intent to Terminate the Plan – what is needed.
International issues are a Service-wide priority and improving international tax compliance by large corporations and high-wealth individuals a top concern at highest levels. The Service is focusing on addressing existing abuse and preventing abuse going forward. Since International issues impact all types of TE/GE customers, we are collaborating across TE/GE and IRS. We are applying our skills to tackle new issues using consistent strategies, but tailored as needed.
403(b) Plan Update Phone Forum: Discussed the past, present, and near future of 403(b) plans. Provided brief history of 403(b) plans, the basics of how they have operated in the past, and how developments over the past 40 years led to the issuance of the recent final regulations for 403(b) plans. Also discussed the upcoming Pre-approved Plan program that will, for the first time, allow 403(b) eligible employers to adopt prototype or volume submitter plans that receive an opinion letter or advisory letter, respectively, from the Service.