Goldilocks and Retirement Plan Contributions
Target Audience: CPAs, EAs, RTRPs
Field of Study: Taxation (NASBA); Federal Tax (IRS)
Seminar Level: Beginner
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG.
DISCLAIMER: THIS SEMINAR WAS FILMED IN ORLANDO, FLORIDA, ON JULY 13, 2011, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Employee Plans office of the Tax Exempt and Government Entities division delivered this seminar at the IRS Nationwide Tax Forum in Orlando, Florida, in July 2011.
Learn how to avoid the "too much, too little, too early, too late" contribution and distribution excise taxes relating to retirement plans. This presentation will help you get it just right. It will also assist you in identifying a controlled group situation (combined businesses) and how to employ the related laws your clients need to know.
By the end of this presentation you will:
- Know the maximum annual contributions to IRAs and employer plans, as well as the penalties for excess contributions
- Understand minimum contribution requirements for money purchase pensions and defined benefit plans, as well as penalties for unpaid amounts
- Learn how to calculate the amount of required minimum distributions (RMDs), as well as when you must begin taking RMDs
- Find out the importance of determining if your business is part of a controlled group or an affiliated service group
No prerequisites or advanced preparation are required for this seminar.