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IRS issues New Revenue Procedure to Help People Making IRA and Retirement Plan Rollovers
On August 24, 2016, the Internal Revenue Service provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for...
Proposal to Modernize and Improve the Form 5500 Annual Return/Report Filed By Employee Benefit Plans
As detailed in the press release from the DOL on July 11, 2016, the long awaited Proposed Forms Revisions to the Form 5500 Annual Return/Report Series. They can be found on the DOL's website and are...
DOL Releases Interim Final Rule Adjusting ERISA Civil Monetary Penalties for Inflation
Background The Department of Labor published in the Federal Register on June 30, 2016, an interim final rule to adjust for inflation the civil monetary penalties enforceable by the Department of...
IRS Announces New Determination Program
Determination Program On June 29, 2016, Revenue Procedure 2016-37, generally effective January 1, 2017, was released changing the: Determination Letter Program for tax-qualified individually...
Department of Labor Finalizes Rule to Address Conflicts of Interest in Retirement Advice
The Department of Labor ("DOL") on April 6, 2016 issued its final rules to address fiduciary standards. The U.S. Department of Labor, Employee Benefits Security Administration's fact sheet of the...
DOL concerned about Cybersecurity
On a recent AICPA Employee Benefit Plan Audit Quality Center webcast, the Chief Accountant of the Department of Labor expressed the DOL’s concerns over cybersecurity. Specifically, the DOL...
Changes to Voluntary Correction Program Compliance Fees, Including Reduced Fees for Most 401(a) and 403(b) Plans
Correction Program & Retirement Plan Changes During 2015, the IRS began classifying Voluntary Correction Program (VCP) fees as user fees subject to IRC 7528. As a result, in 2016, plan sponsors will...
IRS Provides Guidance on Revised Employee Plans Determination Letter Program
On January 4, 2016, the Internal Revenue Service (“IRS”) announced guidance in anticipation of the elimination of the 5-year remedial amendment cycle system for individually designed plans under the...
Changes Bring Clarity to EBP Disclosures
An article recently published in the December PICPA Journal by our Quality Control Director JulieAnn C. Verrekia, CPA. Changes Bring Clarity to EBP Disclosures by JulieAnn C. Verrekia, CPA | Dec 01,...
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