Blue Ridge ESOP Associates Industry News

SECURE Act 2.0 Updates & Form 5500 Changes

Posted by Scott J. Freund, QPA, QKC

May 13, 2024 8:00:00 PM

SECURE Act 2.0 – Updates for 2024

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Topics: Form 5500, DOL, RMD - Required Minimum Distribution

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

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