EPCRS: Participant Loan Corrections

EPCRS: Participant Loan Corrections

As mentioned in my previous blog, EPCRS: How to Correct Improper Exclusions of Employees from a 401(k) Plan, the IRS implemented and recently revised the Employer Plan Compliance Resolution System (EPCRS),

Participant Limits - Delaware CPA

Know Your Limits

Our lives are filled with limits; speed limits, credit limits, time limits, and a number of different retirement plan limits.

Late Deferral Deposits - Delaware CPA

Late deposits of employee deferrals: Paying the Piper

As explained in Timeliness of Deposits, the Department of Labor (DOL) has set deadlines for which salary deferrals must be deposited into the plan. If these deadlines are not met, a prohibited transaction under Section 4975 will have occurred and Form 5330 must be filed and excise taxes paid for each year or part of the year that the prohibited transaction is outstanding.

What the Heck is a QNEC?

You may have asked yourself the title question after hearing ‘QNEC’ or ‘QMAC’ in a discussion related to ADP/ACP testing.

With Change Comes More Change! – Form 5558

When the Department of Labor (DOL) made filing changes for Form 5500, it resulted in the revision of Form 8955-SSA. The revision also required that the form must now be filed with the IRS.