The IRS Employee Plans office, in the latest issue of Employee Plans News, has issued reminders and links to other information especially useful to plans as the old year ends and a new year begins. It sent Issue 2015-14 on Dec. 21.
The latest issue includes:
The latest issue includes:
- A link to the 2015 Cumulative List of Changes in Plan Qualification Requirements contained in Notice 2015-84, which the IRS issued on Dec. 14 and which is to be used by plan sponsors and practitioners submitting determination letter applications for plans during the period beginning Feb. 1, 2016 and ending Jan. 31, 2017.
- A link to IRS Special Edition Tax Tip 2015-21, in which the IRS issues year-end reminders concerning individual retirement accounts, including knowing the contribution and deduction limits; avoiding excess contributions; taking required distributions; and keeping in mind that IRA distributions may affect the premium tax credit.
- A link to the updated frequently asked questions concerning the 2015 Form 5500 Series. Specifically, these FAQs address compliance questions on the forms that will help the IRS to effectively focus on specific factors and issues of federal tax law compliance.
- A reminder that the Form 5500 automatic extension deadline has been changed from 3½ months back to 2½ months for 2016 and later filings by calendar year plans.
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