benpat3
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Does the tax relief provided in TX-2024-13 for taxpayers in various counties in Texas apply to the PCORI Fee? The relief gives taxpayers until November 1, 2024 to file and make tax payments. The relief includes Excise Tax Returns normally due on April 30, July 31... I don't see the PCORI mentioned specifically and can't find any guidance or opinion on the matter but it seems like the position could be taken that for taxpayers in the specific Texas counties have until Nov 1, 2024 to file and make the 7/31/24 payment. Looking for other thoughts or even specific guidance on this question. IRS announces tax relief for taxpayers impacted by severe storms, straight-line winds, tornadoes and flooding in Texas | Internal Revenue Service
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Has anyone heard anything about plans having to adopt an amendment stating/outlining the requirements of IRC Section 432 and its regulations?
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In regards to employer withdrawal liability and ERISA section 4211.
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Does anyone know where I can find or have a copy they are willing to share of a sample "fresh start" amendment? Thanks
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Would suspension of benefits rules that are more generous than what the law requires be considered an "adjustable benefit" that could be reduced for a critical plan? If not an adjustable benefit, what kind of benefit would the gap between the more generous rule and what is required under the law be called? Cheers
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Under 404© what requirements, if any, are there when a plan sponsor changes the investment options available to participants based on the advice of an Investment Consultant?
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The Plan does not utilize a debit card or payment card with the HRA. The participants have to submit the receipts to the plan for reimbursement so there is no automatic substantiation. It seems like the only real option for the plan is to request additional substantiation as to why the large amount of over-the-counter medicine is needed. If the participant can not provide more information/substantiation as to the need for so much over-the-counter meds, can the plan deny the reimbursement even though the plan document does not provide specific limits? I have seen comments and provisions in certain articles/HRA Plan Docs stating that the IRS does not permit stockpiling of over-the-counter meds but I can not find anything specific from the IRS to that point. Does anyone know where the IRS has stated that stockpiling is not permitted?
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I think that is the issue. At what point are the OTC meds not considered qualifying medical expenses? Does the Plan have a duty to request additional substantiation from the participant? What would be possible consequences to the plan if it were to do nothing?
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Is there any responsibility or obligation for an Administrator or a Plan to report or take action when a participant of an HRA plan is buying what appears to be an excessive amount of over-the-counter medicines under the HRA plan? The retailer uses the Inventory Information Approval Substantiation with the SKUs so the expenses are automatically substantiated. The over-the-counter medications are normal cold medications that are qualifying expenses and permitted under the plan. Any thoughts?
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Does anyone have a checklist or list of the documents, policies and/or procedures that a Benefit Office (Plan Administrator) should have in its possession? If you were organizing a benefit office, what documents should the Plan Administrator make sure they have in the office? Thanks
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If a participant applies for early retirement prior to the plan being certified as critical but the benefit payments would not start until after certification (notice of critical status), can the benefit be cut? No cutback can be made when the participant/beneficiary is already receiving the benefits, but what if the benefit has no yet started payment? Thanks
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The instructions for Form 5330 state that "A Form 5330 must be filed by: 9. Any disqualified person who is liable for the tax under section 4975 for participating in a prohibited transaction." No other subpoint (i.e. section referenced) seems to match this situation. The instructions further state that a Form 5330 is filed to report the tax on a prohibited transaction (section 4975). The tax applicable to this situation is under section 4975. I do not see anything else that states the plan sponsor is responsible for filing the Form 5330 and paying the excise tax under section 4975. Can you point me to what says the plan sponsor is responsible? In terms of recourse, assuming the disqualified person is responsible for filing and paying but they do not do so, will the IRS/DOL come after the plan or plan sponsors? Thanks
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If a prohibited transaction is discovered and it is determined that a Form 5330 must be filed, if the disqualified person fails to file a Form 5330 or fails to pay the applicable excise tax, is there any recourse against the Plan? The Plan had no knowledge or part in the prohibited transaction until the disqualified person identified to the Plan.
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If a pension plan is charged an erroneous investment fee due to a billing error but the fee amount was caught and subsequently returned, is that a prohibited transaction under Section 4975©(1)(D)? Does the plan have to file a Form 5330 and the investment company responsible to pay the excise tax if applicable?
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Yeah, sorry, the landscaping example was a poor choice. I was trying to give a situation that required a bill to be paid but that the bill was not a benefit or directly related to a benefit in order to see if that changed one's opinion. I guess what may be a better example would be a benefit office's water bill or electric bill; I know these kinds of expenses would hardly ever be unclaimed but that kind of expense. An expense that is an indirect expense of providing benefits but that is paid with plan assets. Would that change your response?