Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-53 – Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates This notice contains updates for interest rates for funding requirements under sections 412(b)(5)(B) and 430(h)(2) of the Code applicable for June 2008, and updates for interest rates for minimum present value determinations under 417(e)(3) of the Code for May 2008. Related Links:
Monday, June 30, 2008
IRS Notice 2008-53 – Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Saturday, June 28, 2008
Employee Plans News - Summer 2008 Edition
The IRS released Employee Plans News - Summer 2008 Edition. It contains the following articles:
- Steven T. Miller, TE/GE Commissioner, Speaks at Mid-Atlantic Benefits Conference;
- Form 5307 Has Been Revised; We're Glad You Asked!;
- The Corner of Forms & Pubs;
- Critical Priorities...With Monika Templeman;
- Maintaining Electronic Records for Employee Plans Team Audit (EPTA) Plans;
- Form 5500 Filing Tips - Are You a Multiemployer Plan?;
- Things to Remember - 2007 Forms 5500/5500EZ;
- Web Spins;
- Highlights of the Retirement News for Employers;
- Employee Plans Published Guidance;
- We Want You...to complete our Survey;
- DOL Corner;
- PBGC Insights;
- Calendar of EP Benefits Conferences
Monday, June 23, 2008
The DOL Announces Disaster Relief after Severe Weather Hits
The DOL announced an extension of the Form 5500 and Form 5500 EZ annual report/returns deadline after severe weather hits Colorado, Georgia, Mississippi, Missouri, Iowa, Indiana, Wisconsin, Maine, Arkansas, and Oklahoma:
Tuesday, June 10, 2008
IRS Announcement 2008-56 – Change in Reporting Section 404(k) Dividends
Part IV. – Items of General Interest IRS Announcement 2008-56 – Change in Reporting Section 404(k) Dividends Employee stock ownership plans; dividends; section 404(k); reporting. This announcement provides for a change in the reporting of dividends on employer securities that are distributed from an employee stock ownership plan under section 404(k) of the Code. Announcement 85-168 revoked. Announcement 2008-56 states that beginning with distributions in 2009, the reporting of dividends on employer securities that are distributed from an employee stock ownership plan under section 404(k) of the Code must be on a Form 1099-R that does not report any other distributions. New Reporting Effect on Other Documents Announcement 85-168 is revoked. Related Links:
Distributions from a plan that are made in 2009 or later years and that are § 404(k) dividends must be reported on a Form 1099-R that does not report any other distributions, in accordance with the instructions to the form. Accordingly, if there are other distributions from the plan in such years that are not § 404(k) dividends, they must be reported on a separate Form 1099-R. It is anticipated that the instructions will require a special code in box 7 of the form to indicate the special tax treatment and rollover restrictions applicable to § 404(k) dividends. Payments of § 404(k) dividends made directly from the corporation to the plan participants or their beneficiaries are reported on Form 1099-DIV in accordance with the instructions to that form.
- IRC Section 404(k) - Deduction for dividends paid on certain employer securities
- IRC Section 316 – Dividends defined
- C Corporations, Deduction Limits, 404(k) Dividends, and Reasonable Compensation
- Dividends and S Corporation Distributions of Earnings
- Benefit Payment Government Filings
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