IRS Notice 2008-13

[R. Butler]

Since preparers of 5500's & 5330's may now be subject to tax return preparer penalties, does anyone have any thoughts about potential preparer liability for understating the amount of late 401(k) deposits? For instance, if the preparer is not counting deposits late that were remitted within 20 days of the payroll date, but based on guidance we know that generally deposits should be remitted within 7 days or sooner, is their potential preparer liability?

[Tom Poje]

ASPPA is going to discuss the tax preparers issue in session 40 (supossedly) at the fall conference. hopefully they will cover that topic.