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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 issued procedures for a 501(c)(3) tax-exempt organization to change its public charity classification in response to changes made by the Pension Protection Act of 2006 (PPA; P.L. 109-280). The PPA permits specified individuals to make contributions from their IRAs to certain public charities without including the amounts in the contributor's income. Under the PPA, distributions to private foundations described in Code Sec. 509(a)(3) that are made from an IRA are not excludable from the IRA holder's income, so reclassification from Code Sec. 509(a)(3) status to Code Sec. 509(a)(1) or Code Sec. 509(a)(2) status may be advantageous. The IRS has stated that there will be no fee for a determination letter indicating whether or not the change in public charity classification has been made.
For more information on this and related topics, consult the CCH Pension Plan Guide.
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