When printing this page, you must include the entire legal notice.
Now Line 4 is required to be completed if any of these items change: The instructions for Line 1a have been updated to advise filers that if the plan changed its name from the prior year filing scomplete Line 4 by providing the old plan name.
Authorized Service Provider Signatures The instructions for authorized service provider signatures have been updated to reflect the ability for service providers to sign electronic filings on the plan sponsor and Direct Filing Entity DFE lines in addition to signing on behalf of plan administrators.
This information has been optional in the past and many preparers did not complete it due to the confidentiality of this information since Form filings are posted on the Internet. The increased penalty under Sec. This Act requires the penalty amount to be adjusted annually.
For example, the confirmation number for the premium filing is reported on the Form SF. There were just a few changes to note compared to the prior year: Were any distributions made during the plan year to an employee who attained age 62 and had not separated from service?
Line 4p has been removed. Lines 15a — 19, the compliance questions, should not be completed, per the IRS. What does this mean for the filer? Although this high fee was usually not charged when there was reasonable cause, it often caused stress and sleep deprived nights for small business owners.
How does this new program work? What if a Form EZ is only one day late? Proc,Eligible for Penalty Relief. Mail the items listed above with payment to: January Form Changes Did you know that the Form and schedules already exist?
Though we cannot view them online yet, they are provided to Form software developers in June of each year before they are released to the public each January.
Here are a few highlights to note for filings: Schedule SB — Line 3 is modified to report the funding target separately for each type of participant active, retired, and terminated vested.
Schedule SB, Line 11b is split into two parts: This proposal is now open for comment until June 9, This program will track individuals in the service provider community with a history of misconduct so plan sponsors are aware of this. The hope is to eventually roll this program out nationally.
Here is a summary of the changes to be aware of: Why is This Now Required? The required attachment must include: If the plan was subject to Form M-1 filing requirements, state whether it is currently in compliance with Form M-1 filing requirements.
If the plan was not required to file the Form M-1, enter the Receipt Confirmation Code for the most recent Form M-1 that was required to be filed.
However, forcodes that were eliminated or changed will likely cause an error. When you prepare each Form filing, check all business codes with the instructions list to confirm they are still effective.
In addition, the Schedule SB instructions for Line 11b were updated to clarify how to report interest when the valuation date for the prior year was not the first day of the plan year page You must now put plan year reporting on a form.
They believe there is a strong correlation between the size of an audit practice and audit quality. Therefore, they are sending inquiry letters to a sample of plan sponsors and their respective auditing firms.
A higher percentage of letters are being sent to the smaller auditing firms. Included with these letters is a questionnaire for each auditing firm to complete. Fifty of these letter were sent out the week of November 4, with a 15 day turnaround requirement.
The DOL will then evaluate the quality of audits for the plans targeted. Future letters will be sent out in stages. Proposed changes to the penalty program would allow time for extensions to post before penalty notices are generated.
Any penalties that have been erroneously assessed should be abated, regardless of the amount, because the penalties are due to Service Programming.
If you are an administrator or sponsor with multiple plans or clients that received a penalty notice in error, the IRS can abate up to five penalties over the phone.
If you receive more than five penalty notices, then expect to be instructed to submit a request for abatement in writing.The latest travel information, deals, guides and reviews from USA TODAY Travel.
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Oct 07, · Reporting fraud to the IRS can be effective and isn’t a waste of time. Yet review the report issued by the watchdog Treasury Inspector General for Tax Administration, you might wonder if .
Learn about recent updates to IRS Form preparation, schedules and filing. Also updates to Department of Labor rules and instructions. Serving clients .