The Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. The IRS announced on October 31, 2013 cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2014. Read More
New Penalty Relief Program for Form 5500-EZ Late Filers
A new pilot program gives sponsors and administrators of retirement plans not covered by Title I of ERISA automatic relief from IRS late filing penalties on the following delinquent returns:
- Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan, or
- Form 5500, Annual Return/Report of Employee Benefit Plan, if you must file this return because your non-ERISA plan doesn’t meet the filing requirements for Form 5500-EZ for plan years before 2009.
The pilot program will be open from June 2, 2014 to June 2, 2015 (Revenue Procedure 2014-32). No fee or other payment is required under the pilot program. Read More