Working through the IRS and DOL voluntary compliance programs
Article Abstract:
The IRS and the Department of Labor (DOL) have programs have programs enabling administrators of tax-qualified retirement plans to correct defects which might disqualify the plan and thereby keep plans' tax-qualified status. The DOL also has a program enabling plan administrators to file delinquent Form 5500 and 5500-Cs without being penalized. The IRS arrangements are called the Closing Agreement Program (CAP) or the Voluntary Compliance Resolution Program (VCR). Only plans with disqualifying defects are considered. Both programs along with streamlined procedures are described.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1996
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An overview of Form 5500 filing requirements
Article Abstract:
Detailed review of the IRs Form 5500 filing requirements imposed on benefits plans identifies the reporting required for these plans, the deadlines, the penalties for noncompliance, the testing procedures employed by the IRS and schedules that may be required. Form 5500 is required annually for all plans with $100,000 or more in assets, except for fully insured plans, unfunded plans, top hat plans, simplified employee pension plans, certain church plans, association group insurance plans and plans established to provide disability, unemployment or workers compensation insurance.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
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