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.
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.
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.
If the monthly deposit rule applies, deposit the tax for payments in June.
If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 Read More
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
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
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