Employee Plans News
Issue 2013-1, February 13, 2013
Print version of newsletter (.pdf)
- 2012 Cumulative List of Changes in Plan Qualification Requirements - for determination letter applications submitted during Cycle C
- Cycle B closed January 31, 2013, and Cycle C opened February 1, 2013
Audits and internal controls
- 403(b) plan audits – how the new correction revenue procedure affects current and future audits of 403(b) plans
- Voluntary Correction Program Submission Kit for 403(b) plan sponsors who missed the December 31, 2009, deadline to adopt a written plan
- SIMPLE IRA plan – exclusive-plan requirement explains when you can have a SIMPLE IRA plan after terminating another qualified plan
Forms and compliance
- Form 5500 proposed penalty notices eliminated, but IRS will continue to send CP 283, Penalty Charged on Your 5500 Return, if a Form 5500 is filed late or is incomplete
- Form 1099-R Project showed many filers aren’t providing all of the required information for recipients
- 401(k) Excess Deferral Project found errors in elective deferrals reported on Form W-2, Box 12
For your clients
- Retirement News for Employers – let your clients know they can subscribe for free
- Donated from your IRA or an IRA distribution in 2012? – see if your donation can be a 2012 qualified charitable distribution
- Traditional IRA vs. Roth IRA chart
- 2013 federal income tax withholding tables
- EPCRS phone forum (February 21) – Revenue Procedure 2013-12 updates the IRS correction programs
- Conferences calendar and other educational events
- ERPAs have a new home – The enrolled retirement plan agent program is now part of the IRS Return Preparer Office
- Court ruling on return preparers – read the IRS statement about the ruling
- EP published guidance
- DOL Corner
- PBGC Insights
- Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)
- Publication 575, Pension and Annuity Income
- Required minimum distribution FAQs – new Q&A # 5 explains the requirements for pre-1987 contributions to a 403(b) plan
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