Employer News | July 2014

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New Penalty Relief Program for Form 5500-EZ Late Filers

Penalty Relief Pilot Program

The Internal Revenue Service (IRS) has created a pilot program that gives relief from late filing penalties on past due 5500 and 5500-EZ forms for sponsors and administrators of retirement plans not covered by Title I of the Employee Retirement Income Security Act (ERISA). The program will be open from June 2, 2014 to June 2, 2015. Read more about which plans are eligible for relief and the program requirements...

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Accepting Rollover Contributions

IRA Rollover

The IRS recently updated the following items that affect employers that accept rollover contributions:

  • Simplified procedures for verifying that rollovers are from a qualified plan or IRA. Read more...
  • Beginning January 1, 2015, you can only make one IRA rollover in any 12-month period. Read more...
  • Updated rollover chart [PDF]

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IRS Adopts Taxpayer Bill of Rights

Taxpayer Bill of Rights

The IRS recently adopted a "Taxpayer Bill of Rights" that takes the multiple existing rights embedded in the tax code and groups them into 10 broad categories:

  1. The Right to Be Informed
  2. The Right to Quality Service
  3. The Right to Pay No More than the Correct Amount of Tax
  4. The Right to Challenge the IRS’s Position and Be Heard
  5. The Right to Appeal an IRS Decision in an Independent Forum
  6. The Right to Finality
  7. The Right to Privacy
  8. The Right to Confidentiality
  9. The Right to Retain Representation
  10. The Right to a Fair and Just Tax System

Read more [PDF]...

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Webcast: What Government Employers Need to Know about ACA

IRS Webinar

The IRS office of Federal, State and Local Governments will present a Webcast titled "The Affordable Care Act’s Employer Shared Responsibility Provisions – What Government Employers Need to Know" on Thursday, July 24, 2014, at 8 a.m. Learn about the following topics pertaining to the Affordable Care Act: 

  • Defining an Applicable Large Employer
  • Determining whether or not the entity is an Applicable Large Employer
  • When and how the employer shared responsibility applies
  • Forms of transition relief 


Cafeteria Plans Cash-in-Lieu Presentation

Cafeteria Plans

Cafeteria Plans provide options for employees to elect to receive pre-tax benefits, such as the cost of health care premiums, cash, or a cash equivalent. The Pacific Area Group of the IRS' Federal, State, and Local Governments office recently presented an overview of the basic requirements for these plans. View the presentation [PDF]...

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