Changes to VCP compliance fees, IRS FIRE System, New guidance, Updated forms & publications

Useful Links:

Tax Information for Retirement Plans

Determination, Opinion and Advisory Letters

Correcting Plan Errors

Examinations and Compliance Checks

Contact Us:

E-Mail Your Retirement Plan Comments

IRS Resources

Compliance & Enforcement

Contact My Local Office

Forms & Pubs

Frequently Asked Questions

News

Taxpayer Advocate

Where to File

Issue Number:   2016-1

Thank you for subscribing to the Employee Plans News.

In this edition of the Employee Plans News:

Changes to Voluntary Correction Program compliance fees - includes reduced fees for most 401(a) and 403(b) plans

IRS FIRE System (electronic filing for Form 8955-SSA and other information returns) is down for scheduled maintenance until Jan. 19

New Guidance:

• Annual determination letter procedures on the qualified status of employee plans (Rev. Proc. 2016-6)
• Annual user fees for private letter rulings, determination letters, and the Voluntary Correction Program compliance statements (Rev. Proc. 2016-8)
• Annual procedures for requesting technical advice memoranda (Rev. Proc. 2016- 2)
• Annual procedures for requesting letter rulings (Rev. Proc. 2016-4)

Updated Forms:

• 2015 Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits (instructions)
• 2015 Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (instructions)

Updated Publications:

• Publication 571 (01/2016), Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations
• Publication 575 (01/2016), Pension and Annuity Income
• Publication 590-B (01/2016), Distributions from Individual Retirement Arrangements (IRAs)
• Correction to 2014 Publication 590-A (11/20/2015), Contributions to Individual Retirement Arrangements (IRAs) – correction as to the 2015 IRA contribution due date