Blue Ridge ESOP Associates Industry News

Save Time and Money in Handling Distributions

Posted by John Korloch, CPA

Jun 4, 2018 4:00:00 PM

Are you tired of paying fees for former participants with small account balances? Are you concerned with uncashed distribution checks as you try to meet your obligations in finding participants who disappear? There are solutions.

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Topics: Distributions, Rollovers

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: DOL, IRS, Form 5500, Rollovers

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Blue Ridge ESOP Associates can provide everything you need to administer your ESOP, 401(k) or combination ESOP/401(k) plan. Our full service outsourcing, which can include participant on-line services, provides worry-free  assistance for your HR or Benefits staff, leaving them free to concentrate on other responsibilities.

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