TaxConnections


 

Tag Archive for Form 5500

New Filing Dates For 2016 U.S. Tax Returns

Ron Marini

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.

Read more

Set Up Your 2017 Calendar To Reflect New Filing Dates For 2016 U.S. Tax Returns

Ron Marini

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.

Read more

July 2015 Business Due Dates

July 1 – Self-Employed Individuals with Pension Plans

If you have a pension or profit-sharing plan, you may need to file a Form 5500 or 5500-EZ for calendar year 2014. Even though the forms do not need to be filed until July 31, you should contact this office now to see if you have a filing requirement, and if you do, allow time to prepare the return.

July 15 – Non-Payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in June.

July 31 – Self-Employed Individuals with Pension Plans

If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 Read more

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

IRS To Commence Pilot Program For Penalty Relief For Small Business Retirement Plans

On Thursday, May 22nd The Internal Revenue Service (hereinafter the “Service”) announced that it will begin a one-year pilot program in June to help small businesses with retirement plans that owe penalties for not filing reporting documents.

By filing current and prior year forms during this pilot program, small businesses can avoid penalties. The Service issued Rev. Proc. 2104-32 earlier this month describing the scope and application of the program. The Service indicated that it is also reaching out to certain small businesses that maintain retirement plans that may have been unaware that they had a filing requirement. The Service estimates that the new program will bring a significant number of small business owners into compliance with the reporting requirements. Read more

Form 5500 Pension Plan Penalty Filing Relief

For those of you like me presently wrestling with this issue the IRS recently came out with the following:

Revenue Procedure 2014-32 establishes a one-year pilot program to provide relief to plan administrators who fail to timely file Form 5500 EZ.

Revenue Procedure 2014-32 will be published in Internal Revenue Bulletin 2014-23 on June 2, 2014.

Notice 2014-35 applies administrative relief to late filers of Form 5500 who satisfy the requirements of this notice and the Delinquent Filer Voluntary Compliance (“DFVC”) Program administered by the Department of Labor (“DOL”) Employee Benefits Security Read more

Meet Tax Experts At TaxConnections...