austin3515 Posted March 18, 2014 Posted March 18, 2014 A client (and RIA) just told me Kiplinger sent out a mailing saying that the IRS will be matching the deduction for ER Contributions on the 1120's with the Er contributions on the 5500. Apparently differences of > $1,000 will receive a letter. Let's ignore for a moment the number of false positives cash basis/accrual will generate. Does anyone have any literature on this? An IRS announcement, or perhaps a link to the Kiplinger letter? Austin Powers, CPA, QPA, ERPA
Lou S. Posted March 18, 2014 Posted March 18, 2014 How can you ignore the cash/accrual issue? That's going to be many, many plans right there.
austin3515 Posted March 18, 2014 Author Posted March 18, 2014 I read it on the Kiplinger letter myself... Austin Powers, CPA, QPA, ERPA
austin3515 Posted March 18, 2014 Author Posted March 18, 2014 By the way, you cannot ignore it of course. But then it is so ridiculously obvious that it does not merit any discussion, in my opinion. I mean, DUH. Austin Powers, CPA, QPA, ERPA
masteff Posted March 18, 2014 Posted March 18, 2014 http://www.irs.gov/Retirement-Plans/Employee-Plans-Compliance-Unit-(EPCU)---Current-Projects---Improper-Deductions-Project Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
austin3515 Posted March 18, 2014 Author Posted March 18, 2014 I notice that the last update to this page was in May 2013, so it seems this has been around for a while. We haven't heard anything yet but maybe they were just getting geared up. Austin Powers, CPA, QPA, ERPA
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