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SIMPLE, SEP, and SARSEP Answer Book, Fourteenth Edition
     

SIMPLE, SEP, and SARSEP Answer Book, Fourteenth Edition

by Gary S. Lesser
 

SIMPLE, SEP, and SARSEP Answer Book provides up-to-date coverage of recent legislative and regulatory developments in simplified employee pension (SEP) plans and savings incentive match plans for employees (SIMPLEs). It provides clear and concise guidance on the complex design, administration, and compliance issues that arise in connection with SIMPLEs, SEPs

Overview

SIMPLE, SEP, and SARSEP Answer Book provides up-to-date coverage of recent legislative and regulatory developments in simplified employee pension (SEP) plans and savings incentive match plans for employees (SIMPLEs). It provides clear and concise guidance on the complex design, administration, and compliance issues that arise in connection with SIMPLEs, SEPs, and salary reduction SEPs (SARSEPs).

SIMPLE, SEP, and SARSEP Answer Book, Fourteenth Edition, offers explanation and discussion of new issues and recent guidance for 2008, including:

  • How the new seven-day safe-harbor rule for forwarding participant contributions is applied to a SEP or SIMPLE
  • Loss of deduction for not contributing to SEP account of owner's eligible spouse
  • Restorative payments (of a good-faith claim of liability) and the annual contribution limits
  • Misclassification of employees as independent contractors and having an individual's status determined by the IRS
  • Suits for a breach of fiduciary duty when the loss affects a single account
  • Unlawful discharge or discrimination against a participant for exercising ERISA rights
  • Separately stated fees for fiduciary services and the 2 percent floor on itemized deductions
  • Applicability of the automatic contribution (negative election) rules to a SARSEP or SIMPLE IRA

Also, SIMPLE, SEP, and SARSEP Answer Book has been updated to include:

  • Discussion of the modifications made by the final 415 regulations and the Heroes Earnings Assistance and Relief Tax (HEART) Act of 2008
  • Discussion and explanation of the prohibited transaction exemptions for service providers and eligible investment advice arrangements, improvements in portability, forgiveness of excise taxes, changes to the ERISA bonding requirements, and the new exceptions to the early distribution penalty
  • Discussion of the limitations on deductions to combined plans and how deductions for SEP contributions may be affected
  • Examination of the withholding required on distributions made to nonresident aliens (NRAs)
  • Discussion of the changes made to Forms 1099-R and Form 5498, and how SEPIRA distributions and corrective distributions of excess deferrals are reported on the federal income tax return
  • And more!

Product Details

ISBN-13:
9780735574236
Publisher:
Wolters Kluwer Law & Business
Publication date:
10/15/2008
Pages:
1026

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