In this edition of the Employee Plans News:
April 30, 2016 deadline for employers using a pre-approved 401(k), profit-sharing or other defined contribution retirement plans to sign an updated version
Correcting missed plan deadline – new option for financial institutions or service providers who offer pre-approved plans to request a closing agreement for their plan sponsors who miss the April 30, 2016 adoption deadline
2016-2017 Priority Guidance Plan – submit recommendations by May 16, 2016, to possibly include in the Plan (Notice 2016-26)
Plan designs using short service – ensure plan contributions or benefits don’t discriminate in favor of highly compensated employees
2015 Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan (instructions)
457(b) plans:
- 457(b) plans for state or local governments: key characteristics including comparison chart to 401(k) plans
- 457(b) plans for tax-exempt entities: key characteristics, common mistakes and a comparison chart to governmental 457(b) plans
Recorded webinars:
- Highlights of the 2015 Cumulative List of Changes for Retirement Plans (Feb. 18, 2016) – Learn about changes you must make to your plan (Notice 2015-84); if your plan can apply for determination letter during the third cycle A; and IRS resources to help you amend your plan
- Employee Plans – Examinations Update – Fall 2015 (Dec. 8, 2015) – Learn about Examination program priorities for this fiscal year; Form 5500 Series return errors and how to avoid them; recurring errors found in 401(k), 403(b), large case, and multiemployer plans; hot topics and issues in Employee Plans today; the recent Compliance Unit projects and summaries of completed projects
IRS Tax Tips:
- Early retirement distributions and your taxes – know key points about taking an early distribution
- 2015 IRA contributions – there’s still time to make your IRA contribution for the 2015 tax year
more employee benefit 401K plan tips from sacramento cpa tax prep islip + company