Reverse rollover from conduit IRA to former employer's plan permitted

Article Abstract:

An IRS letter ruling has approved the transfer of funds from an individual's conduit individual retirement account (IRA) back into the employer plan from which the funds had been originally distributed. Following distribution and roll-over to the former employee's conduit IRA, the employer modified the plan so that plan-to-plan transfers into the qualified plan would be allowable. The former employee made no contributions to the conduit IRA. The employer and the former employee made sure that the transfer back to the employer's plan met all IRC section 402 and 408 requirements.

Distribution, Individual retirement accounts, Tax exemption, Tax exemptions

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IRS extends time for employer to file QSLOB election

Article Abstract:

A taxpayer that filed two months late a Form 5310-A to elect qualified separate lines of business treatment for the taxpayer's qualified plans was allowed by the IRS to make the election. The IRS ruled in PLR 9644061 that the taxpayer satisfied the requirements of the regulations under IRC section 9100 that allow the IRS to grant extensions for such filings. Under the regulations, the taxpayer must have acted reasonably and in good faith and the government must not be prejudiced or adversely affected for an extension to be granted.

Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Tax elections, Tax extensions

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