The increased penalty is applicable for civil penalties assessed after Jan. Schedules H and I, Line 4l. Schedules H and I, Line 5c. Schedule R. Line 14 of Schedule R has been revised to provide multiemployer plans with a choice of three counting methods by which to count inactive participants and to require that an attachment be provided depending on the counting method chosen.
A plan that reports a number on lines 14b or 14c that differs from the corresponding number it reported for the plan year immediately preceding the current plan year also must attach an explanation of the reason for the difference.
For defined benefit plans, defined contribution plans and b annuity arrangements with calendar year plan years, the Form is due July In most years, that is—but not in The reporting obligations under the Form or SF will vary based on the type and size of benefit plan involved.
Employers should work with their service providers to complete Forms correctly and on time. Reach out to your Hylant representative for further information. Contact us here. He is Senior Vice President of Thought Leadership at Pentegra, a leading provider of retirement plan and fiduciary outsourcing to organizations nationwide.
His work is used by employers, employees, advisors, policymakers and the media to produce successful outcomes for American workers. He holds an M. Current Thinking. Form in What We Know Now. Richard Rausser Richard W. Annual forms are filed for:. Typically, the form is due on the last day of the seventh month after the plan year ends—July 31 for calendar-year plans—with an optional two-and-a-half-month extension.
Administrators or sponsors of employee benefits plans subject to the Employee Retirement Income Security Act must file information about each benefits plan every year. Some plans with fewer than participants are exempt from filing an annual return or report under certain conditions, as detailed in the exempt from filing sections of the forms' instructions.
Overlapping penalties for failing to timely file Form by July 31 or, with a Form extension, by Oct. In addition:. Also, she recommended "to regularly revisit your payroll codes and procedures to make sure that all pay items that appear in Box 1 are counted for purposes of participants' salary deferrals and loan repayments. Other frequent complications during Form preparation, Roberts noted, include eligibility errors , as "when plans exclude employees based on schedule or job category, such as part-time employees, temporary employees, and per diem employees," and permitting employees to participate before they have met eligibility criteria.
Form Reporting Tips. Hughes, a partner in the Boise office of Hawley Troxell. Hughes highlighted the following tips to lessen the chances of examination or the imposition of penalties :.
On July 23, the IRS issued a proposal to reduce the threshold by which employers filing Form must do so electronically. The threshold will be reduced from to returns for the calendar year. For filings required after calendar year , the threshold will be further reduced to 10 returns. Filers that are unable to file electronically for instance, due to a lack of Internet service may request a waiver from the IRS.
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