COLA Increases for Dollar Limitations on Benefits and Contributions
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