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EP Examination Process Guide - Puerto Rico Plans FAQs
Frequently asked questions on pension plans that have exercised the election under ERISA Section 1022(i)(2) and dual-qualified plans.
- Can the IRS audit Puerto Rican plans?
- Which Internal Revenue Code sections apply to Puerto Rican plans?
- Are plan sponsors liable for Internal Revenue Code excise taxes?
- Is the employer required to file a Form 5330 if excise taxes are due?
- What is the tax effect if Puerto Rican plans fail any qualification requirements?
- If a plan fails to qualify, what form(s) must be filed?
- Does Internal Revenue Code Section 401(b) apply to Puerto Rican plans?
- Are there any special requirements for a U.S. company that has plan participants in Puerto Rico?
- Which returns must Puerto Rico plans file?
- What are the major differences in the Codes for cash or deferred arrangement plans?
Page Last Reviewed or Updated: 04-Sep-2013