Internal Revenue Service July 21, 2006 – Federal Register Recent Federal Regulation Documents
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Exclusion of Employees of 501(c)(3) Organizations in 401(k) and 401(m) Plans
This document contains final regulations under section 410(b) of the Internal Revenue Code. The final regulations permit, in certain circumstances, employees of a tax-exempt organization described in section 501(c)(3) to be excluded for the purpose of testing whether a section 401(k) plan (or a section 401(m) plan that is provided under the same general arrangement as the section 401(k) plan of the employer) meets the requirements for minimum coverage specified in section 410(b). These regulations affect tax-exempt employers described in section 501(c)(3), retirement plans sponsored by these employers, and participants in these plans.
Suspension of Statutes of Limitations in Third-Party and John Doe Summons Disputes and Expansion of Taxpayers' Rights To Receive Notice and Seek Judicial Review of Third-Party Summonses
This document contains proposed amendments to the regulations relating to third-party and John Doe summonses. These proposed regulations reflect amendments to sections 7603 and 7609 of the Internal Revenue Code of 1986 made by the Internal Revenue Service Restructuring and Reform Act of 1998, the Omnibus Budget Reconciliation Act of 1990, the Technical and Miscellaneous Revenue Act of 1988, and the Tax Reform Act of 1986, which were enacted subsequent to adoption of the current regulations. These proposed regulations provide guidance relating to the manner in which summonses may be served on third-party recordkeepers, the expanded class of third-party summonses subject to notice requirements and other procedures, and the suspension of periods of limitations if a court proceeding is brought involving a challenge to a third-party summons, or if a third party's response to a summons is not finally resolved within six months after service. These proposed regulations affect third parties who are served with a summons, taxpayers identified in a third-party summons, and other persons entitled to notice of a third-party summons.
Proposed Revision of Annual Information Return/Reports
This document contains proposed revisions to the Form 5500 Annual Return/Report forms, including a proposed new Short Form 5500, filed for employee pension and welfare benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code). The Form 5500 Annual Return/Report, including its schedules and attachments (Form 5500 Annual Return/Report), is an important source of financial, funding, and other information about employee benefit plans for the Department of Labor, the Pension Benefit Guaranty Corporation, and the Internal Revenue Service (the Agencies), as well as for plan sponsors, participants and beneficiaries, and the general public. The proposed revisions to the Form 5500 Annual Return/ Report, contained in this document, including a new Form 5500-SF short form annual return/report for certain types of small pension plans, are intended to reduce and streamline annual reporting burdens, especially for small businesses, update the annual reporting forms to reflect current issues and agency priorities, and facilitate the establishment of a wholly electronic filing system for receipt of the Form 5500 Annual Returns/Reports. The form revisions thus would, upon adoption, apply for the reporting year for which the electronic filing requirement is implemented. The proposed revisions would affect employee pension and welfare benefit plans, plan sponsors, administrators, and service providers to plans subject to annual reporting requirements under ERISA and the Code.
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