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Previous Week ~ Week of October 20, 1996 ~ Following Week
- 10/22: A recent Forbes article points out that SIMPLE plans might offer
new tax-shelter possibilities to persons who make less than $30,000 from self-employment ... SIMPLE IRA plans allow
shelter of up to $6,000 plus another 3% in "matching" contributions, without the 25% cap (really 20%, due to a circular calculation) of Code section 415 that otherwise would apply to qualified plans ("Keogh" plans).
- 10/21: Forbes magazine article takes a look at SIMPLE plans
(October 21, 1996); thanks to reader Chris Trapatsos for suggesting the link!
- 10/21: Just released online -- the October 1996 issue of Reish &
Luftman's ERISA Audit Reports! Learn what happened during the IRS panel
discussions at the recent Western Pension Conference, including current and upcoming
pension plan and SEP audit projects.
- 10/21: Available for immediate downloading from BenefitsLink: a demonstration of
Robert Fronke's marvelous TRUST.ME trust
accounting software for DOS! TRUST.ME is a full-featured pension trust
accounting system with user-friendly input features and simple error correction. No
accounting knowledge is needed ... and yet it prepares the full range of accounting
reports: trial balance, general ledger, financial statements, investment analysis, and
the appropriate page for either Form 5500 or 5500-C/R! Ideal for self-directed 401(k)
plans.
- 10/20: New and exclusively on BenefitsLink: the Q&A for Plan Defects: Correction/VCR/CAP column! This
regular feature contains questions from readers about the IRS' various
remedial programs that can be used by plan sponsors to correct defects in
tax-qualified retirement plans (such as pension, profit-sharing and ESOP
plans) that arise in form or in operation. Such programs include the Voluntary Compliance
Resolution ("VCR") program and the Closing Agreement Program ("CAP").
Answers are provided by Fred Reish and Bruce Ashton, attorneys with the law
firm of Reish & Luftman, a Professional
Corporation. Reish & Luftman also publishes an excellent newsletter
covering many of these issues, available for viewing online on BenefitsLink (natch -- see
the ERISA Audit Report). Thanks, Fred and Bruce!
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