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IRS Employee Plans Compliance Unit Finds Errors in SEP Plans
Internal Revenue Service [IRS] Link to more items from this source
June 4, 2012
"The Employee Plans Compliance Unit's SEP Plan Compliance Check project found errors made by both SEP plan sponsors and the financial institutions filing the SEP-IRA contribution information.... Responses showed that SEP plan sponsors are exceeding annual contribution limits [and] excluding eligible employees, including those of controlled groups. Responses also showed that financial institutions aren't properly completing Form 5498, IRA Contribution Information ... for SEP-IRAs."

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