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Downloadable PDF

Credits: 12

Qualifies For: IRS

$175

Textbook

Credits: 12

Qualifies For: IRS

$190
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Guide to Designing and Administering the Roth 401(k), Traditional 401(k), SIMPLE, and Cafeteria Plans (RTSC)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    12
  • Qualifies for

    IRS CPE

Overview

Salary reduction plans are being created in record numbers across the country. Employers, consultants, and CPAs must understand the complexity of compliance and administration issues. The purpose of this course is to focus on how to meet the IRS and Department of Labor standards and manage these plans effectively.

Major Topics:

  • The Supreme Court DOMA decision: what it means for income tax rates, estate planning, Social Security, withholding, and other issues; open issues and questions
  • Selected coverage of the Pension Protection Act of 2006
  • Features of §401(k) plans, hardship withdrawals, plan loans, compliance issues, matching contributions, and associated W-2 issues
  • Nondiscrimination rules and §401(k) plans -- The new final regulations and the alternative SIMPLE-structured CODA
  • SIMPLE plans -- Understanding how they work, managing eligibility, alternative structures for nondiscrimination, and more
  • The deemed IRA - new regulations provide guidance
  • The Roth contribution program
  • Plan administration -- Developing employee education programs to maintain participation, using the payroll system for salary reductions, and IRS audit guidelines of §401(k) plans
  • Remedial programs under EPCRS -- How to correct errors and mistakes in plan documents and operations without disqualification of the CODA or plan
  • Accounting issues for plan contributions, income, gain, loss, withdrawals, and distributions
  • Participant-directed accounts -- Reduction of fiduciary liability through ERISA §404(c) plans
  • Loan programs -- The reduced prohibited transaction exposure to owner-employees, structure of plan loans to participants to avoid excise tax, operational issues including tax impact on the plan, its fiduciaries and the participants. Special problems associated with participant-directed plans
  • Cafeteria plans -- Discussion of the kinds of benefits offered, IRS filing requirements, nondiscrimination rules, annual reporting, the new "liberal" use rule, and W-2 salary reduction issues
  • Late-breaking tax legislation

Learning Objectives

  • Explain the general rules applicable to a profit-sharing plan, its contribution and annual addition limitations, minimum participation, age and service, coverage, allocation of contributions to individual account plans, top-heavy rules, and vesting provisions
  • Explain how cross-testing can legally skew contributions in favor of owners and the highly compensated
  • Define a cash or deferred arrangement, the kinds of contributions that can be made to a CODA, and the limitations of contributions and distributions
  • Perform an ADP test with an employee census of compensations, participation, and elective deferral levels
  • Identify which employees are treated as "highly compensated"
  • Distinguish alternative methods of nondiscrimination under safe harbor and SIMPLE designs
  • Discuss the methods for correcting excess contributions to a §401(k) plan
  • Describe why automatic contribution programs are used in a §401(k) plan
  • Perform an ACP test for matching contributions and relate alternative testing under the safe harbor
  • Define a Roth contribution program and explain how distributions are taxed
  • List the requirements for a SEP
  • Describe the similarities between a SIMPLE and a §401(k) plan
  • State the administrative and notification requirements of a SIMPLE plan
  • Discuss the tax consequences of a SIMPLE plan to the employer and the employee
  • Explain the general rules to a deemed IRA and the inside Roth
  • Identify the general administration issues facing §401(k), SIMPLE, and cafeteria plans and explain the record-keeping requirements and benefit administration  issues of such arrangements
  • Describe the IRS audit guidelines
  • List and distinguish the various forms of correction programs available for noncompliant §401(k) plans
  • Identify the issues encountered with participant-directed investments, including a discussion of the ERISA §404(c) guidelines and participant education requirements
  • Describe the tax regulations concerning when plan loans may be made to a participant including when a plan loan becomes a deemed distribution
  • Identify the problems in administering qualified plans in the situation of the divorcing participant
  • Define a qualified domestic relations order and the tax effect of a division of the benefits among the participant, former spouse, or children
  • Define what a cafeteria plan is
  • Identify what nontaxable benefits do and do not qualify to be included in a cafeteria plan
  • Describe the limits of participation, eligibility rules, and nondiscrimination rules in a cafeteria plan

Who should take this course:

Designed for:

CPAs in industry, human resource managers, and public accountants who need to understand the intricate issues of cash or deferred arrangements

Prerequisite:

None

Advanced Preparation:

None

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