Tag Archives: irs

Lack of Documentation Still an Issue During 401(k) Audit Season

The employee benefit plan audit season, which lasts from April through the extended Form 5500 filing deadline of October 15th, is well underway and we are finding that lack of proper documentation for plan transactions – typically hardship distributions, participant loans, and rollovers into the plan – is still an issue for many plan sponsors. […]

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Employee Benefit Plan Management: Is Your Plan Being Operated According to Intention?

Aronson conducted its first employee benefit plan benchmarking survey in 2015. The survey provided a wealth of information on plans from companies located primarily in the DC Metro region. Respondents shared some very useful information regarding their employee benefit plan management strategies: “Who is in charge of the plan?” When we asked respondents this question, […]

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New Procedures Announced for Unfiled FBARs

The IRS has provided new filing procedures for certain taxpayers with delinquent FBARs, allowing them to avoid penalties without participating in the various voluntary compliance programs. The FBAR is the Foreign Bank and Financial Accounts form used to disclose the existence of all foreign bank, brokerage, and certain other asset accounts, as well as the […]

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IRS Issues Guidance on Foreign Bank Account Report / FBAR Penalties

U.S. persons are required to file the FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) to report a financial interest in or signature authority over foreign accounts. There is a $10,000 civil penalty for the non-willful failure to the file the FBAR. The penalty for the willful failure to file the FBAR […]

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#AskAronson: “We received a form SS-8? What does that mean?”

A former worker treated as an independent contractor can ask the IRS to determine whether or not he or she should have been treated as an employee. A worker may decide to file this form when his/her services are terminated, or can’t pay the self-employment taxes due, feels entitled to benefits, or otherwise has reason […]

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