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Category Archives: Determination Letters
Target Benefit Plans: On the Edge of Extinction
One of the more interesting effects caused by the IRS’ elimination of the National Sponsor category in Rev. Proc. 2011-49 may be the projected elimination of pre-approved target benefit prototype and volume submitter plans. While some of you may be … Continue reading
ERPAs and the PTIN Requirement – as Clear as Mud
Today, Nov. 3, 2011, the IRS issued Notice 2011-91 on Certain Enrolled Retirement Plan Agents Not Required to Obtain a PTIN. The notice is a short 2-pages long. It states that the IRS intends to amend Circular 230 to remove … Continue reading
Posted in Determination Letters, IRS
Tagged ERPA, IRS, Notice 2011-6, Notice 2011-91, PTIN
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ESOP/KSOP Determination Letter Backlog Here to Stay (for now)
I was fortunate to attend the IRS phone forum on ESOP determination letters last Friday. The webinar was very good. The IRS addressed a number of outstanding issues, and provided some handy tips. First, the IRS acknowledged that there is … Continue reading
Posted in Determination Letters, ESOP, IRS
Tagged ESOP, IRS, Plan Documents, Rev. Proc. 2011-49
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Free IRS Webinar about ESOP Determination Letters on Oct. 28, 2011
Tomorrow, Oct. 28, 2011, the IRS is holding a free webinar on ESOP determination letter applications from 2pm ET to 3pm ET. Even if you do not handle ESOPs, it is worth taking an hour to attend this webinar because … Continue reading
Posted in Determination Letters, IRS
Tagged determination letters, ESOP, Form 5300, IRS
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IRS Re-Interprets the Form 8717 Determination Letter Fee Exemption
On Oct. 20, 2011, the IRS issued Notice 2011-86, which re-interprets when a plan qualifies for exemption from paying user fees when filing a determination letter application. With the recent IRS increase in user fees for determination letter applications (individually … Continue reading
Posted in Determination Letters, Fees and Expenses, IRS
Tagged determination letter, form 8717, IRS, Notice 2011-86
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IRS Extends Plan Document Deadline to Jan. 31, 2012
The IRS released Rev. Proc. 2011-49 today (Oct. 5, 2011). Rev. Proc. 2011-49 is the update to Rev. Proc. 2005-16, and officially supersedes Rev. Proc. 2005-16. Rev. Proc. 2005-16 contained the specifics on applying for EGTRRA opinion/advisory letters during the … Continue reading
Posted in 401(k), Determination Letters, IRS, Restatements
Tagged Defined Contribution, IRS, Plan Documents, Rev. Proc. 2005-16, Rev. Proc. 2011-49
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Can a Multiple Employer Plan use a Prototype Plan Document?
Can a 413(c) multiple employer plan use a pre-approved prototype plan document? I am asked this question frequently, and I’m not sure what the answer is. Will the IRS accept a 413(c) multiple employer plan created by using a pre-approved … Continue reading
Posted in Determination Letters, IRS, Multiple Employer Plans
Tagged 413(c), mep, multiple employer plan
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Potential for IRS Data Mining Created by New Form 5307
The new edition of Employee Plan News, released today by the IRS, contains this warning information about the new Form 5307 – it is important that customers send in the original copy of the application and not a photocopy. Photocopies … Continue reading
Posted in Determination Letters, Industry News, IRS
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IRS May Have Ended Form 5307 Roulette with Announcement 2008-23
In Announcement 2008-23, released on Friday, the IRS announced that: 1. The EGTRRA defined contribution prototype and volume submitter opinion/advisory letters will be issued March 31, 2008 for many plans. Some plans will have their opinion/advisory letters issued after March … Continue reading
Posted in Determination Letters, IRS
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Redlined Copy of Document Required with Cycle C Submissions
Tucked away in Section 6.05 of Rev. Proc. 2008-6 is a requirement that determination letter submissions contain a highlighted or redlined copy of the plan document. It states: 6.05 Except in the case of applications involving master and prototype plans … Continue reading
Posted in Determination Letters, IRS, Plan Language
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