SECURE Act 2.0 – Updates for 2024
May 13, 2024 8:00:00 PM
SECURE Act 2.0 – Updates for 2024
Topics: Form 5500, DOL, RMD - Required Minimum Distribution
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.
Topics: Form 5500, DOL, Summary Annual Report
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:
Form 5500
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:
