IRS provides guidance and forms on SIMPLE plans
Article Abstract:
The IRS has release a revenue procedure, a notice and a form to assist small businesses in implementing the SIMPLE plans established under the Small Business Job Protection Act of 1996. Employers with 100 or fewer employees earning at least $5,000 per year are eligible to establish the SIMPLE 401(k) or individual retirement account plans. The notice issued provides a model plan amendment that can be used to convert a plan into a SIMPLE plan. The IRS has also provide transition rules, and Form 5304-SIMPLE can be used as a model plan document.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1997
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Notice 98-2 provides guidance on taxation of annuities from qualified plans
Article Abstract:
The IRS issued Notice 98-2 which explains apportionment of annuity payments from qualified employee benefit plans and replaces Notice 88-118 after changes made by the Taxpayer Relief Act of 1997 and the Small Business Job Protection Act of 1996. The notice describes how to apportion the taxable and nontaxable amounts of specified payments under IRC sections 401(a), 403(a), and 403(b) according to the simplified section 72(d)(1) method. The notice also covers initial lump-sum distributions under section 72(e).
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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IRS allows participant waiver of 30-day notice for distributions
Article Abstract:
The IRS continues to change various regulations to conform to the Unemployment Compensation Amendments of 1992. These regulations concern the time period allowed for giving IRC 402(f)'s written explanation of direct rollover provisions and the time period for meeting IRC 411(a)(11)'s consent requirements. The IRC 411(a)(11) time period has been relaxed. There is a 90-day period for satisfying consent requirements under IRC 411(a)(11).
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1993
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- Abstracts: IRS proposes regulations on plan loans under s. 72(p). New guidance on plan loans. Loan from VEBA to related employer is taxable reversion under section 4976
- Abstracts: DOL provides guidance on in-kind contributions. SEC proposes new alternative replacement for Rule 16b-3. IRS proposes modifications to sections 410(b), 401(l), and 414(s) regulations
- Abstracts: Second Circuit holds that participants not entitled to actuarial reports; Eighth Circuit holds that employer-sponsored HMO must disclose incentives paid to doctors to limit referrals