Posts Tagged ‘IRS’
by Abbey Lakin and Amanda Meko, CPA | Team Members of the Not-For-Profit Services Group
On June 8, 2011 the IRS announced that approximately 275,000 organizations automatically lost their tax-exempt status because they failed to file an annual return or an electronic notice (Form 990-N e-postcard) for 2007, 2008, and 2009.
Continue reading “Guidance for Tax Exemption Reinstatement” »
by Stacey L. Spencer, QKA | Manager, Employee Benefits Group
One of the most aggravating issues facing employers and retirement plan practitioners is the issue of lost participants. Lost participants are terminated participants whose current address is unknown and who have a vested account balance remaining in the plan.
Continue reading “Lost Participants and How to Find Them” »
Recently, a fax stating to be from the IRS has been making its way around. It claims that, due to “inefficiencies and irregularities perpetrated by some tax preparation experts”, you are due a small tax refund. All they need in return, is detailed financial information from you. Don’t be fooled – this is a scam.
The IRS does not correspond via unsolicited emails or facsimiles. If you are in doubt about any IRS correspondence you may receive, please contact us before you reply. Any emails that purport to be from the IRS should be reported to phishing@irs.gov. Faxes and other misuses of the IRS name, logo, or forms may be reported to the Treasury Inspector General for Tax Administration toll-free at 1-800-366-4484.
Curious about other common scams? Go to www.irs.gov and search for “phishing and email scams” and also scroll down to “additional resources.”
by Stacey L. Spencer, QKA, Manager, Employee Benefits Services Group
Effective January 14, 2010, the Department of Labor (DOL) has established a final safe harbor rule as to what constitutes a timely deposit of participant contributions to small employee benefit plans (those with fewer than 100 participants). To be considered timely, employee contributions, including plan loan repayments, must be made to the plan by no later than the seventh (7th) business day following the time the employee could have otherwise received cash. Continue reading “New Retirement Plan Deposit Rules” »