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<< Older News  |  January 23, 2021

News

All News > Reporting to Government Agencies

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IRS Proposed Rules Address Automatic Postponement of Tax Deadlines During Federally Declared Disasters
Thomson Reuters Practical Law Link to more items from this source
[Guidance Overview]
Jan. 20, 2021

"Despite the mandatory 60-day postponement provision, Treasury makes clear in its proposed regulations that it would continue to exercise a good deal of discretion in the disaster context -- particularly as to defining the scope of time-sensitive acts to be postponed for individuals (and in some cases, the government itself)."

Tags: Consolidated Appropriations Act, 2021   •  Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration

Text of 2020 Instructions for IRS Form 8955-SSA: Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Jan. 15, 2021

"What's New: ... [1] The instructions under Purpose of Form have been revised to clarify how the Form 8955-SSA is to be used to report information about deferred vested participants using the correct Entry Codes.... [2] The Caution under How To File has been revised to clarify that no attachments are allowed with Form 8955-SSA.... [3] The instructions under Transfer of a Participant's Benefit to the Plan of a New Employer have been revised to clarify that the new plan administrator must complete a Form 8955-SSA using Entry Code C, except in the rare situation where the previous plan number and employer identification number (EIN) are not available; then, Entry Code A would be used." [Also available:  2020 Form 8955-SSA]

Tags: Reporting to Government Agencies

IRS Proposes Regs for Automatic Deadline Postponements for Federally Declared Disasters
Ascensus Link to more items from this source
[Guidance Overview]
Jan. 13, 2021

"In addition to extending certain tax filing and tax payment deadlines, the postponements addressed in this guidance include completion of the many time-sensitive, tax-related acts described in IRS Revenue Procedure 2018-58 and Treasury Regulation 301.7508A-1(c)(1), which include filing Form 5500 for retirement plans, completing rollovers, making retirement plan loan payments, etc."

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

Text of 2020 Instructions for Form 5500-EZ: Annual Return of a One-Participant (Owners/Partners and Their Spouses) Retirement Plan or a Foreign Plan (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Jan. 5, 2021

10 pages. "Effective for plan years beginning after 2019, a one-participant plan or a foreign plan required to file an annual return can file Form 5500-EZ electronically using the EFAST2 filing system or file Form 5500-EZ on paper with the IRS. Form 5500-SF is no longer used by a one-participant plan or a foreign plan in place of Form 5500-EZ.... An amendment for a one-participant plan or a foreign plan that previously filed electronically using Form 5500-SF must file amended return electronically." [Also available: 2020 IRS Form 5500-EZ]

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

Text of Instructions for 2020 IRS Form 5330: Return of Excise Taxes Related to Employee Benefit Plans (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Dec. 23, 2020

14 pages, Dec. 11, 2020. "What's New: [1] Tax on multiemployer plans in endangered or critical status. Schedule F, line 2b, requires the number of days included in the period beginning the first day following the close of the 240-day period and ending on the day the rehabilitation plan is adopted.... [2] Tax on prohibited transactions (section 4975). The instructions for Schedule C note that a section 403(b) tax sheltered annuity plan is not subject to the section 4975 excise tax."

Tags: Multiemployer Plans  •  Reporting to Government Agencies  •  Retirement Plan Administration

DOL Regulatory Agenda, Fall 2020 (Employee Benefit Items)
U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
Dec. 17, 2020

Proposed Rules (EBSA)

  • Revisions to Streamline Reporting on the Form 5500 ("Reforming the Form 5500")

Final Rules (EBSA)

  • Pension Benefit Statements -- Lifetime Income Illustrations
  • Adoption of Amended and Restated Voluntary Fiduciary Correction Program
  • Additional Policy and Regulatory Revisions in Response to the COVID-19 Public Health Emergency

Prerule Stage (WHD): The Family and Medical Leave Act of 1993

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

IRS Announces Tax Relief for Hurricane Zeta Victims in Alabama
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Dec. 14, 2020

"Individuals and households who reside or have a business in Clarke, Dallas, Marengo, Mobile, Perry, Washington, and Wilcox counties qualify for tax relief.... [C]ertain deadlines falling on or after October 28, 2020, and before March 1, 2021, are postponed through March 1, 2021."

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

DOL Adds Form PR Filings to EFAST Search Tool
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
Dec. 4, 2020

"This search tool retrieves publicly available Form 5500 Series or Form PR filings.... Some filings may not be displayed through this website, such as original filings that were amended."

Tags: MEP/PEP  •  Reporting to Government Agencies

Agencies Releases Advance Copies of Form 5500 Series Annual Return/Report for 2020 (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]; Internal Revenue Service [IRS]; and Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Dec. 2, 2020

"The Form 5500 and Form 5500-SF instructions have been revised to reflect that the Form 5500-SF can no longer be used by a one-participant plan or a foreign plan in place of filing of the Form 5500-EZ with the IRS. Effective for plan years beginning after 2019, one-participant plans and foreign plans can file the Form 5500-EZ electronically using the EFAST2 filing system....

"Administrative Penalties: The instructions have been updated to reflect an increase to $2,233 per day in the maximum civil penalty amount assessable under [ERISA] section 502(c)(2) ...

'Schedule H Part III--Accountant's Opinion: To conform to the new Statement on Auditing Standards 136, 'Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA,' the instructions for the questions on line 3a regarding the accountant's opinion have been revised. Line 3b and its instructions have been updated to permit filers to indicate more accurately whether there have been any permissible limitations on the scope of the audit pursuant to the Department's regulations.

'Schedules H and I, Line 4l and Form 5500-SF, Line 10f: The instructions ... have been revised to increase the required minimum distribution age from 70½ to 72 ...

'Schedules H and I, Line 5c ... has been revised to make clear that if the plan was covered by PBGC at any time during the plan year, filers should check the 'Yes' box....

'Schedule R: Line 14 has been revised to provide multiemployer plans with a choice of three counting methods to count inactive participants and to require that an attachment be provided depending on the counting method chosen....

'Information copies of the forms, schedules and instructions are available on the EBSA website.'

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

Form 5500 Penalties Increased by How Much?
Belfint Lyons Shuman Link to more items from this source
Nov. 23, 2020

"Tenfold. That's how much the SECURE Act increased the penalty for the late filing of a Form 5500 --TENFOLD! Before the Act, the IRS could assess a civil penalty of $25 for each day that the Form 5500 was late up to $15,000, but now, add a zero: the penalty is $250 per day not to exceed $150,000."

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

2020 ACA Reporting Forms and Instructions Include Changes
OneDigital Health and Benefits Link to more items from this source
[Guidance Overview]
Nov. 3, 2020

"While there are several changes, the most substantive apply to ALEs offering ICHRAs. ALEs must familiarize themselves with the new fields to ensure they have the required information to report appropriately and timely."

Tags: Health Plan Administration  •  Reporting to Government Agencies

Text of 2020 Draft Instructions for Form 8955-SSA: Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 2, 2020

Oct. 30, 2020. "What's New: ... [1] The instructions ... have been revised to clarify how the Form 8955-SSA is to be used to report information about deferred vested participants using the correct Entry Codes.... [2] The Caution ... has been revised to clarify that no attachments are allowed with Form 8955-SSA.... [3] The instructions ... have been revised to clarify that the new plan administrator must complete a Form 8955-SSA using Entry Code C, except in the rare situation where the previous plan number and employer identification number (EIN) are not available; then, Entry Code A would be used." [Also available: an Oct. 30, 2020 draft of 2020 IRS Form 8955-SSA]

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

Improving Next Year’s Form 5500 Process
Cammack Retirement Group Link to more items from this source
Oct. 29, 2020

"Take control of the audit process ... Get a handle on the number of plans ... Keep the lines of communication with auditors open."

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

IRS Announces Tax Relief for Hurricane Sally Victims
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Sept. 23, 2020

"Victims of Hurricane Sally that took place on Sept. 14 now have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments ... Individuals and households who reside or have a business in Baldwin, Escambia, and Mobile counties qualify for tax relief.... [C]ertain deadlines falling on or after Sept. 14, 2020, and before Jan. 15, 2021, are postponed through Jan. 15, 2021."

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

IRS Announces Tax Relief for Oregon Wildfires and Straight-Line Winds Victims
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Sept. 17, 2020

"Victims of Oregon wildfires and straight-line winds that began September 7 now have until January 15, 2021, to file various individual and business tax returns and make tax payments.... Individuals and households who reside or have a business in Clackamas, Douglas, Jackson, Klamath, Lane, Lincoln, Linn and Marion counties qualify for tax relief."

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

Text of IRS Request for Comments on Proposed Changes to 2021 Form 5500
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Sept. 2, 2020

The IRS is soliciting comments concerning proposed changes to the 2021 Form 5500 and Instructions, to implement requirements of the SECURE Act.  Comment deadline is 60 days after publication in the Federal Register (scheduled for September 3, 2020).

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

Text of PBGC Notice of Request for OMB Approval of Modifications to Information Collected About Missing Participants
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Aug. 31, 2020

"PBGC intends to modify its information collection to require additional information about missing participants in two categories in order to properly withhold taxes when such participants are located and their benefits claimed and paid. For DC plans that permit Roth accounts, PBGC intends to require a breakdown of qualified and non-qualified Roth amounts transferred to PBGC (if any), and if non-qualified Roth amounts are being transferred, the date the first Roth contribution was made. Where relevant for DB and DC plans, PBGC intends to require identification of the portion of a participant's benefit transfer amount treated as foreign-source income, and if so, for DB plans how that determination was made. PBGC as administrator of the Missing Participants Program relies on information provided and certified to by the plan administrator or plan sponsor as applicable."

Tags: Lost/Missing Participants  •  PBGC  •  Reporting to Government Agencies  •  Retirement Plan Administration

IRS Lets Incomplete Determination Letter Applications for Statutory Hybrid Plans Slide Until December 31
Buck Link to more items from this source
[Guidance Overview]
Aug. 27, 2020

"If a plan sponsor is interested in applying for a determination letter for an individually designed statutory hybrid plan and is unable to gather all the necessary documentation by the upcoming August 31, 2020 deadline, they should consider filing an 'incomplete' application as soon as possible. Doing this will allow them additional time until December 31, 2020 to submit the remaining information."

Tags: Cash Balance and Hybrid Plans  •  Reporting to Government Agencies  •  Retirement Plan Amendments

IRS Provides Reprieve for Hybrid Plan Determination Letter Filings ... Sort Of
Seyfarth Link to more items from this source
[Guidance Overview]
Aug. 26, 2020

"Last year, the IRS opened the determination letter process for a limited time period for individually-designed hybrid plans.... Determination letter applications under this limited opportunity must be filed by August 31, 2020.... While the deadline for the filing was not extended and remains next Monday, August 31, 2020, applicants are permitted to submit 'incomplete' filings by August 31, 2020, and supplement the applications through the end of 2020.... This publication did not give any relief for obtaining signatures on the applicable filing forms or for providing notices to interested parties."

Tags: Cash Balance and Hybrid Plans  •  Coronavirus (COVID-19)  •  Reporting to Government Agencies  •  Retirement Plan Amendments

IRS Issues CARES Act Guidance for Single Employer DB Plan Relief (PDF)
Cowden Associates, Inc. Link to more items from this source
[Guidance Overview]
Aug. 26, 2020

"[T]he CARES Act allows plan sponsors to delay until January 1, 2021 contributions otherwise due during 2020 ... The deduction rules have not changed.... [M]inimum contributions must increase with interest from the valuation date until the deposit date.... [T]he CARES Act permitted plan sponsors to elect to use the AFTAP certified for the last plan year ending in 2019 for any plan year that covered part of 2020.... [The IRS] requires written notification of the election by the plan sponsor to the plan's enrolled actuary and to the plan administrator.... [T]he election only applies prospectively from the date that the plan sponsor made it[.]"

Tags: CARES Act  •  Coronavirus (COVID-19)  •  Funding of DB Plans  •  Reporting to Government Agencies  •  Retirement Plan Administration

IRS Provides Tax Relief for Victims of Iowa Derecho; Extends Oct. 15, Other Upcoming Deadlines to Dec. 15
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Aug. 25, 2020

"The IRS is offering this relief to any area designated by [FEMA] as qualifying for individual assistance. Currently this includes Linn County in Iowa, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief.... The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 10, 2020.... [A]ffected individuals and businesses will have until Dec. 15, 2020, to file returns and pay any taxes that were originally due during this period."

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

IRS Provides Tax Relief for Victims of California Wildfires; Oct. 15 Deadline, Other Dates Extended to Dec. 15
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Aug. 25, 2020

"The IRS is offering this relief to any area designated by [FEMA] as qualifying for individual assistance. Currently this includes Lake, Monterey, Napa, San Mateo, Santa Cruz, Solano, Sonoma and Yolo counties in California, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief.... The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug.14, 2020.... [A]ffected individuals and businesses will have until Dec. 15, 2020, to file returns and pay any taxes that were originally due during this period."

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

American Academy of Actuaries Comment Letter to IRS on Proposed Form Relating to the Annual Certification for Multiemployer DB Plans (PDF)
American Academy of Actuaries Link to more items from this source
[Opinion]
Aug. 25, 2020

"We agree with the agency's estimate of the burden of 45 minutes per plan to complete the form.... We do not believe the proposed form would enhance quality given the very limited information collected. However, the utility and clarity may be enhanced given the ease of use with the electronic submission, which should reduce the possibility of data entry error."

Tags: Multiemployer Plans  •  Reporting to Government Agencies

Text of DOL Fact Sheet: Notice of Proposed Rulemaking on Pooled Plan Provider Registration
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Guidance Overview]
Aug. 21, 2020

"The NPRM (along with a proposed mock-up of a form and instructions) would establish requirements for pooled plan providers to register with the Department.... The registration process under the NPRM would involve an initial registration, supplemental filings regarding specific reportable events, and a final filing after the provider's last PEP has been terminated and ceased operations. The initial registration would have to be filed by the registrant no sooner than 90 days before and no later than 30 days before it begins operating as a pooled plan provider.... The initiation of public marketing services as a pooled plan provider or public offering of one or more PEPs are the triggers for registering." [Link is to an archived copy; original document removed from DOL website as of Jan. 21, 2021.]

Tags: MEP/PEP  •  Reporting to Government Agencies  •  Retirement Plan Design

Editor's Pick Audit Information Request Template
Belfint Lyons Shuman Link to more items from this source
Aug. 18, 2020

"Your auditor will tailor their actual request based on the specifics of your plan's design, so they may not need every single item included in [this template] or they may find it necessary to request additional information.  ... [A] number of the items will be provided by the third-party administrator or recordkeeper. As such, it is beneficial to provide your auditor with access to the plan's webstation which allows them to download and request the applicable support directly from the service providers, and reduce the number of items on your to-do list."

Tags: Reporting to Government Agencies  •  Retirement Plan Administration


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