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<< Older News  |  August 2, 2021

News

All News > Reporting to Government Agencies

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Form 5500 and New Audit Standard SAS 136
Belfint Lyons Shuman Link to more items from this source
[Guidance Overview]
July 28, 2021

"The AICPA postponed the mandatory effective date of the new audit standard, SAS 136, until next year, but the DOL had already updated Form 5500 to incorporate the new reporting rules. So now what?"

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

Text of IRS Proposed Regs: Electronic Filing Requirements for Specified Returns and Other Documents
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
July 22, 2021

103 pages. "This document contains proposed regulations amending the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, and certain information returns, registration statements, disclosure statements, notifications, actuarial reports, and certain excise tax returns."

Tags: Reporting to Government Agencies

IRS Form 5500 Reminders for Employers Maintaining Employee Benefit Plans
Hawley Troxell Link to more items from this source
July 21, 2021

"[This article describes] a few common issues to keep in mind and tips that are aimed at lessening the chances of examination and/or the imposition of penalties.... Do not blindly rely on the individual who may have entered the data onto the form. Understand it is your filing under penalty of perjury, and that it should be complete and accurate."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

FINRec vs. the DOL/IRS: Auditors vs. 5500 Preparers
Belfint Lyons Shuman Link to more items from this source
July 15, 2021

"Auditors are subject to their own regulatory framework for financial reporting, which unfortunately, is not consistent with the 5500 instructions.... When Generally Accepted Accounting Principles (GAAP) do not agree with the DOL/IRS 5500 reporting requirements, the auditor has many options other than insisting that the 5500 preparer ignore the 5500 instructions."

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

IRS Finalizes Rules Addressing Automatic Postponement of Tax Deadlines During Federally Declared Disasters
Thomson Reuters Practical Law Link to more items from this source
[Guidance Overview]
June 14, 2021

"The final regulations adopt the proposed regulations without substantive changes but modify one of the examples regarding how to calculate the 60-day postponement period."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

DOL Regulatory Agenda, Spring 2021, Including Employee Benefit Items
U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
June 11, 2021

Proposed Rules (EBSA)

  • Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500
  • Definition of the Term "Fiduciary"
  • Implementing Executive Orders 13990 and 14030
  • Prohibited Transaction Exemption Procedures
  • Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets

Final Rules (EBSA)

  • Pension Benefit Statements -- Lifetime Income Illustrations
  • Adoption of Amended and Restated Voluntary Fiduciary Correction Program
  • Requirements Related to Surprise Billing, Part 1
  • Requirements Related to Surprise Billing, Part 2
  • Amendment of Abandoned Plan Program

Tags: Coronavirus (COVID-19)  •  Fiduciary Duties  •  Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration  •  Retirement Plan Design  •  Retirement Plan Investments

Text of PBGC Submission to OMB and Request for Comments on Revisions to Forms for Reportable Events; Notice of Failure to Make Required Contributions
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
June 11, 2021

"PBGC is modifying the Form 10 for the 'Failure to make required contributions' reportable event to provide that if payment was made to satisfy a missed contribution, the filer must submit documentation of that payment ... to give evidence that the missed contribution was made up and no risk to the plan remains before PBGC closes the event.... PBGC is modifying the [Form 200] to include a separate field showing the payment amount that triggered the notification in order to better track missed contributions and identify the amount by which liens associated with missed contributions must be updated." [Instructions for submission of comments can be found on the PBGC website.]

Tags: PBGC  •  Reporting to Government Agencies

SAS 136: The New Audit Standard for Employee Benefit Plans and Its Impact on Plan Sponsors
Ogletree Deakins Link to more items from this source
[Guidance Overview]
June 11, 2021

"The new standard affects all phases of audits, including engagement acceptance and reporting. It also significantly revises the form and content of the audit report to provide greater transparency regarding the scope and nature of the audit.... [T]he new standard requires plan sponsors to provide additional information and documentation to the auditor. [Certain] key provisions may have major implications for plan sponsors."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

IRS Finalizes Regs on Federally Declared Disaster Postponement of Tax Deadlines
Journal of Accountancy Link to more items from this source
[Guidance Overview]
June 11, 2021

"[In] the case of any person described in Sec. 7508A(b) (generally pensions and employee benefit plans), the time-sensitive acts postponed for the mandatory 60-day postponement period include ... various contributions, distributions, and rollovers."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

Text of IRS Disaster Relief Notice LA-2021-03, for Victims of Severe Storms and Flooding in Louisiana
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
June 11, 2021

"Victims of severe storms and flooding that began May 17, 2021 now have until August 16, 2021, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storms and flooding that reside or have a business in Ascension, Calcasieu, East Baton Rouge, Iberville, and Lafayette Parishes qualify for tax relief."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

Text of IRS Final Regs: Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
June 10, 2021

21 pages. "This document contains final regulations relating to the new mandatory 60-day postponement of certain time-sensitive tax-related deadlines by reason of a federally declared disaster. This document also contains final regulations clarifying the definition of 'federally declared disaster.' These final regulations affect individuals who reside in or were killed or injured in a disaster area, businesses that have a principal place of business in a disaster area, relief workers who provide assistance in a disaster area, or any taxpayer whose tax records necessary to meet a tax deadline are located in a disaster area."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

5500 Filing Rejected! How Could Plan Sponsors Have Known Their Auditor Was Deficient?
Belfint Lyons Shuman Link to more items from this source
June 3, 2021

"Each year, we get new clients whose previously accepted Forms 5500 have been rejected when the [DOL] determined that their auditor's work was deficient. Each time, our new client is flabbergasted by the news that they had a responsibility to assess their CPA's qualifications to perform a retirement plan audit. Like going to a new doctor, how can you know whether a licensed professional is good at his or her job? It's not easy."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

Public Pensions Need Not Be Fully Funded to Be Sustainable
MSN News Link to more items from this source
May 28, 2021

"The way state and local governments have always accounted for their pension costs is backwards, suggests a new working paper, and its proposal for reversing that represents a sea change for public finance.... Put in plainer English, there's no reason that municipalities need to have money in the bank to pay the entirety of their calculated current and future benefits now."

Tags: Funding of DB Plans  •  Reporting to Government Agencies

IRS Disaster Relief Notice WV-2021-01, for Victims of Severe Storms and Flooding in West Virginia
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
May 28, 2021

"Victims of severe storms and flooding that began February 27, 2021 now have until June 30, 2021, to file various individual and business tax returns and make tax payments ... Individuals and households ... that reside or have a business in Boone, Cabell, Kanawha, Lincoln, Logan, Mingo, and Wayne counties qualify for tax relief."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

Text of IRS Disaster Relief Notice TN-2021-01, for Victims of Severe Storms, Straight-Line Winds, Tornadoes, and Flooding in Tennessee
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
May 14, 2021

"Victims of severe storms, straight-line winds, tornadoes, and flooding that began March 25, 2021 now have until August 2, 2021, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storms, straight-line winds, tornadoes, and flooding that reside or have a business in Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson, Hickman, Jackson, Madison, Maury, McNairy, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson counties qualify for tax relief."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

Text of Draft IRS Publication 598: Tax on Unrelated Business Income of Exempt Organizations (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Mar. 30, 2021

23 pages. "What's New: [1] Mandatory electronic filing.... [2] Final regulations issued.... [3] Form 990-T has been redesigned for tax year 2020.... [4] Organizations with more than one unrelated trade or business must compute unrelated business taxable income (UBTI), including for the purpose of determining any net operating loss deduction, separately with respect to each such trade or business.... [5] Retroactive repeal of section 512(a)(7)." [Form dated Mar. 22, 2021; draft dated Mar. 25, 2021]

Tags: CARES Act  •  MEWAs  •  Multiemployer Plans  •  Reporting to Government Agencies

Text of IRS Notice 2021-21: Relief for Form 1040 Filers Affected by Ongoing Coronavirus Disease 2019 Pandemic (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Mar. 29, 2021

"The postponement of the due date for filing these Federal income tax returns to May 17, 2021, also automatically postpones to the same date the time for Affected Taxpayers to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). This postponement also automatically postpones to May 17, 2021, the time for reporting and payment of the 10-percent additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans.... Because filers of Form 5498 series are Affected Taxpayers, the due date for filing and furnishing the Form 5498 series is postponed to June 30, 2021."

Tags: IRAs  •  Reporting to Government Agencies

IRS Announces Tax Relief for Oklahoma Severe Winter Storm Victims
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Feb. 26, 2021

"Individuals and households affected by severe winter storms that reside or have a business in all 77 counties in Oklahoma qualify for tax relief.... [C]ertain deadlines falling on or after February 8, 2021, and before June 15, 2021 are postponed through June 15, 2021.... Taxpayers also have until June 15 to make 2020 IRA contributions."

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

How Big Can a Retirement Plan Be and Still Qualify for the Small Plan Audit Exemption?
Belfint Lyons Shuman Link to more items from this source
Feb. 24, 2021

"In the good old days, if you had more than 100 or 120 participants, as applicable, you had a large plan -- AUDIT REQUIRED! Pursuant to the SECURE ACT, however, starting on January 1, 2021, a group of Small Plans can band together in one Pooled Employer Plan (PEP) and still escape the audit requirement, but only until the total number of participants in the PEP reaches 1,000 (or one of the Small Plans becomes a Large Plan)."

Tags: MEP/PEP  •  Reporting to Government Agencies  •  Retirement Plan Administration  •  SECURE Act

Text of IRS Disaster Relief Notice Texas Severe Winter Storm Victims
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Feb. 23, 2021

"Victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments ... [T]he IRS is providing this relief to the entire state of Texas.... The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11." [TX-2021-02]

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

IRS Describes Notice CP 216E Delays for Form 5500 Extension Approvals
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Feb. 19, 2021

"Plan sponsors do not need to take further action if they are currently receiving Notice CP 216F, Approval of Extension to file Form 5500 Series Return, for calendar year 2019 Forms 5500 series returns, after the final return for 2019 has been submitted."

Tags: Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

IRS Issues Updated Form 8994 for Employer Tax Credit for Paid Family and Medical Leave
Thomson Reuters / EBIA Link to more items from this source
[Guidance Overview]
Feb. 11, 2021

"Employers that provided paid family and medical leave during the 2020 tax year -- especially those that also provided paid leave related to COVID-19 -- will want to review the updated [Form 8994] and instructions when preparing their tax return"

Tags: Coronavirus (COVID-19)  •  FFCRA  •  FMLA and Other Leave  •  Reporting to Government Agencies

DOL Announces Fiscal Year 2020 Enforcement Statistics, Reflecting Record-Setting Recovery Amount
Thomson Reuters / EBIA Link to more items from this source
Feb. 4, 2021

"For the year, the DOL handled 171,863 inquiries ... EBSA closed 230 criminal investigations, which led to 59 guilty pleas or convictions and the indictment of 70 persons (including plan officials, corporate officers, and service providers) for crimes related to employee benefit plans."

Tags: Reporting to Government Agencies

DOL Adjusts Penalty Amounts, Summarizes 2020 Enforcement Actions
Lockton Link to more items from this source
[Guidance Overview]
Feb. 4, 2021

"[I]ncreased penalties ... include ... [1] Failure to timely file annual report Form 5500 ... $2,259 per day ... [2] Failure to timely file annual report Form M-1 ... $1,644 per day ... [3] Failure to timely provide a compliant Summary of Benefits and Coverage ... $1,190 per failure."

Tags: Health Plan Administration  •  Reporting to Government Agencies

Annual Retirement Plan Compliance and Notice Requirements (PDF)
Definiti Link to more items from this source
Feb. 1, 2021

"Dates are applicable to plans and companies that follow a December 31 plan/tax year-end date. Dates will vary for plans and companies that follow different year-end dates."

Tags: 401(k) Plans  •  Reporting to Government Agencies  •  Retirement Plan Administration


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