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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
from Spencer’s Benefits Reports: In a series of revenue procedures that are updated annually, the Internal Revenue Service provides revised procedures for the issuance of rulings and determination letters, and for furnishing technical advice regarding issues in the employee plans and exempt organizations areas. In addition, the agency has updated guidance on the user fee program.
In Rev. Proc. 2011-4, I.R.B. 2011-1, 123, the IRS explains the different forms of guidance available to taxpayers on issues under the jurisdiction of the agency’s Tax Exempt and Government Entities (TE/GE) Division, including letter rulings, closing agreements, determination letters, opinion letters, and revenue rulings. Rev. Proc. 2011-4 also discusses the procedures for requesting letter rulings and determination letters, how requests are handled, and the effect of such guidance. The revenue procedure includes a sample format and a checklist for a letter ruling request. Only minor modifications were made to the prior revenue procedure, Rev. Proc. 2010-4, I.R.B. 2010-1, 122.
Rev. Proc. 2011-6, I.R.B. 2011-1, 195, outlines the procedures for the issuance of determination letters on the qualified status of retirement plans. Part I of Rev. Proc. 2011-6 provides specific instructions for submitting requests for determination letters for various types of plans and transactions. Part II of Rev. Proc. 2011-6 sets forth procedures for providing notice to interested parties and for interested parties to comment on determination letter requests, and Part III describes the processing of determination letter requests and the effect of determination letters.
DB-K Plans
The IRS announces in Rev. Proc. 2011-6 that it will begin to issue determination letters for individually designed combination defined benefit and cash-or-deferred plans (DB-K plans) under IRC Sec. 414(x). Determination letters will not be issued concerning issues involving IRC Sec. 415(m) involving governmental excess benefit arrangements. Rev. Proc. 2011-6 also addresses the second submission period for Cycle A individually designed plans and for defined contribution master/prototype or volume submitter plans. In addition, Rev. Proc. 2011-6 eliminates the requirement that the applicant submit any amendments that are adopted and/or proposed after the date of the determination letter application and before the IRS issues the determination letter. The IRS will not issue determination letters on amendments only.
In Rev. Proc. 2011-5, I.R.B. 2011-1, 167, the IRS updates the procedures for furnishing technical advice regarding issues in the employee plans and exempt organizations areas. The revenue procedure explains when and how the TE/GE Division gives technical advice to examinations area managers, determinations managers, and appeals area directors in the employee plans areas (including actuarial matters) and exempt organizations areas. It also explains the rights of a taxpayer regarding requests for technical advice and how such requests are handled.
Finally, in Rev. Proc. 2011-8, I.R.B. 2011-1, 237, the IRS revises guidance on complying with the user fee program. Rev. Proc. 2011-8 sets forth the user fee schedule for requests on matters under the jurisdiction of the TE/GE Division.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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