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Tag Archive for ERISA

Changes In Form 5498 Reporting And Foreseeable IRS Correction of Self-Directed ERISA Plan Fiduciary Abuses

Recent events lead to a conclusion the IRS is on the cusp of launching a nationwide assault on self-directed ERISA plan fiduciary abuses.  Changes in Form 5498 reporting requirements incrementally require non-traditional asset and valuation disclosures.  The IRS commenced a 1-year Form 5500 amnesty program this past June, targeting small business ERISA plan reporting noncompliance. And, in 2013, the United States Tax Court issued decisions in Peek and Ellis substantively holding disqualified person weak-form fiduciary abuses preempt the otherwise taxpayer favorable operating exception to the plan asset look-through rule.

Catching abusive self-directed account holder fiduciaries should net the government a minimum of $10 to $20 billion in unreported UBTI tax, penalties, and interest from the Read more

It’s IRS Amnesty Time Again: The Non-Title I ERISA Plan Form 5500 Pilot Penalty Relief Program Is In Full Swing

On May 22, 2014, the Internal Revenue Service announced it will begin a one-year pilot program to help small businesses which have not filed reporting documents for Non-Title I ERISA plans.[1] The program is nearly two months old now, having commenced this past June.   According to the news bulletin, the Service is reaching out to certain small businesses that maintain retirement plans and that may have been unaware of the Form 5500 filing requirement.

According to Tucson-based retired CPA, Dennis N. Melin of Grumpy Old Men Management Services LLC, “The instant amnesty program resonates the 2009 Offshore Voluntary Disclosure Program and 2011 Offshore Voluntary Disclosure Initiative. The OVDP and OVDI amnesties abated foreseeable penalties as the Service sought to bring those with Read more