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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.
The IRS has revised Form 2848, “Power of Attorney and Declaration of Representative,” to reflect the new Circular 230 designation of enrolled retirement plan agent (ERPA).
A practitioner can represent a taxpayer before the IRS only if the taxpayer gives the practitioner a power of attorney and the practitioner files a declaration of representative. Both of these actions may be accomplished by filing Form 2848. The form also identifies the tax matters for which the representative may represent the taxpayer before the IRS with express exceptions for unenrolled return preparers. However, the IRS will accept a power of attorney not filed on Form 2848 if it contains substantially the same information required by the form.
In 2007, the IRS added ER-PAs to the final Circular 230 rules. ERPAs may represent taxpayers under the Employee Plans Determination Letter, the Employee Plans Compliance Resolution System, and the Employee Plans Master and Prototype and Volume Submitter programs. ERPAs may also represent taxpayers on matters related to Form 5500 filings. However, they may not represent taxpayers on actuarial issues. The ERPA program, according to the IRS, will mirror the Enrolled Agent program. To obtain the ERPA designation, individuals will be required to pass an examination covering retirement plan matters, apply for enrollment and satisfy renewal and continuing education requirements. The IRS is currently soliciting bids to develop and administer the test and anticipates having the program operational by April 2009.
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