Employee Plans Compliance Unit (EPCU) – 5500 Non-Filer/DOL Project

Tuesday, September, 29, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
On September 21, 2015, the IRS announced a new Form 5500 compliance project focusing on plan years ending in 2011, as detailed below. Plan sponsors should ensure that all required Form 5500s have been filed and respond to any notice received from the Employee Plans Compliance Unit. Read More

Voluntary Correction Program: Did You Complete Your Correction?

Wednesday, April, 01, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The Employee Plans Compliance Unit (EPCU) conducted a Voluntary Compliance Follow-Up project to determine if plan sponsors completed the corrections they agreed to in their Voluntary Correction Program (VCP) compliance statements. Read More

Avoid IRS Scrutiny – Review Your Form 5500 for Errors

Wednesday, February, 11, 2015 / Published in Employee Benefit Plans, Forms and Procedures, Retirement - 401(k), 403(b)
Errors Recently the Internal Revenue Service (“IRS) posted what it finds as common Form 5500 errors and how to avoid them and IRS Scrutiny. In many Employee Plans Compliance Unit (EPCU) projects, the IRS find mistakes when plan sponsors enter incorrect information on their Form 5500 series returns or information reports. Read More

What is the Audit Requirement for Benefit Plans?

Wednesday, January, 21, 2015 / Published in Employee Benefit Plans, Forms and Procedures, Retirement - 401(k), 403(b)
We get this question a lot. The instructions to the Form 5500 give the technical answer. However, below is a quick summary of those requirements. Every situation is unique and for 2023 Form 5500s, the DOL just updated the rules. Read More

DFVC Program Provides Relief Only if Applicable Form 8955-SSA is Filed For Year at Issue

Monday, May, 12, 2014 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
The IRS has issued Notice 2014-35 which provides relief from late-filing penalties from the annual reporting requirements under  Form 5500 series with respect to employee benefit plans. Under the notice, the IRS will not impose penalties relating to the filing of Form 5500, Form 5500-SF, and Form 8955-SSA or the filing of required actuarial reports with

IRS Terminating Proposed Penalty Notices for Untimely Filed or Incomplete Forms 5500

Friday, December, 21, 2012 / Published in Forms and Procedures, News and Press Releases
The IRS recently announced on its web site that starting January 1, 2013, it will no longer send proposed penalty notices for untimely or incomplete Form 5500s, but rather will only send penalty notices for Form 5500s that are untimely or incomplete. Read More