Blue Ridge ESOP Associates Industry News

Paying Plan Expenses – Best Practices

Posted by Pam Themar

Mar 27, 2019 3:15:55 PM

Establishing and maintaining a qualified retirement plan for employees can be expensive. It is important for plan sponsors to understand all the costs involved, if those costs can be classified as plan expenses that can be paid from plan assets, and how to allocate those expenses.

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Topics: Plan Design, DOL, esop design

What exactly is the Summary Annual Report and what do I do with it?

Posted by Ray Mazurowski

Sep 8, 2017 2:00:00 PM

The Summary Annual Report (SAR) is a summary of the IRS Form 5500 that must be distributed to all plan participants. You’ll typically receive a copy of the SAR with your plan Participant Statements. Compliance is mandatory, and penalties for willful noncompliance can include fines in excess of $100,000, imprisonment up to 10 years, or both.

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Topics: Form 5500, DOL, Summary Annual Report

IRS/DOL Corner - November 2016

Posted by Dolores P. Lawrence, CPA, QKA

Nov 15, 2016 1:07:28 PM

IRS Provides Help with Rollovers

If you receive a distribution check and fail to roll over the payment to an IRA or other plan within 60 days, you may be in luck.  The IRS has provided a self-certification procedure for those who inadvertently fail to complete a rollover within 60 days.  Revenue Procedure 2016-47 provides a sample self-certification letter that a taxpayer can use to notify an IRA or other institution that he qualifies for a waiver of the 60-day rollover requirement.  The waiver applies if one or more of 11 circumstances apply, including:

  • Check was misplaced and not cashed
  • Taxpayer’s home was severely damaged
  • A family member died
  • Taxpayer or family member was seriously ill
  • Taxpayer was in jail
  • Postal error

Form 5500

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Topics: IRS, Form 5500, DOL, Rollovers

Form 5500

Posted by Dolores P. Lawrence, CPA, QKA

Jul 20, 2016 11:23:38 AM

The IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) have decided that Form 5500 requires a major update.   The proposed revisions will be published July 21, followed by a 75-day comment period.  The revised Form 5500 is targeted for rollout with the 2019 filing year.  According to a DOL press release, proposed revisions are intended to:

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Topics: IRS, Form 5500, DOL