Administrators of qualified plans must provide participants with information
Article Abstract:
New regulations pertaining to the administration of qualified pension and savings plans revise requirements of documentary evidence concerning participant notice, election, spousal consent forms, and the notice concerning taxation of distributions. Joint and survivor annuity notice information must include a description of the eligibility requirements for each available option form of benefits. In the area of participant election and spousal consent to that election, specific nonspouse beneficiaries must be stated and, for plans effective after 1986, the election of an optional payment form and spouse's consent must state the particular optional benefit form selected. Rollover notice must be given to recipients of distributions who qualify for rollover treatment within two weeks of their receipt of distribution. The notice must explain the various tax treatments available for the distribution.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1989
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RRA '89 continues trend to close (or narrow) planning under accounting provisions
Article Abstract:
The Revenue Reconciliation Act of 1989 has altered several popular tax accounting techniques that require reexamination and new planning in the areas of distribution, transfer, and exchange of assets. The RRA has made incremental changes in the completed contract method, non-dealer installment sales, and the amortization principles associated with franchises and trademarks. Taxpayers exchanging property with related persons in like-kind exchanges must recognize deferred gain or losses is disposed of within two years. Partnership property distributions within a five-year period to another partner of partnership will result in an allocation of deductions, losses, and gains to the specific contributing partner.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1990
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