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Do you have a Pension Plan? If so, you may need to file an IRS Form 8955-SSA

If you file a Form 5500, you should be aware of the following regulations Separated participants with deferred vested benefits are required to be reported on Form 8955-SSA The IRS filing is due 7 months after the plan year-end. For example, if you have a 12/31/11 year end, it will be due by 7/31/12 Should you need more time to file, there is an allowable 3 ½ months extension that... continue reading

Late Filing Notices from the IRS

As most of you are aware, the IRS shutdown its website for filing Form 990 electronically from January 1, 2012 through March 1, 2012. If your 990 was due to be electronically filed during this period, they asked that you not file your return until March 1, 2012 when the website was back up and running. As a result, the IRS granted an automatic extension for filing Form 990 until... continue reading

IRS Alert: Certain Form 1099 Reporting Rules Have Changed for 2011

In a continuing effort to make income reporting transparent, the IRS is adding Form 1099 questions on all tax returns (including Schedule C, E, and F of form 1040.) Even though this requirement also applies to non-compensatory income such as interest, dividends, royalties, and certain real estate transactions it is most relevant to non-employee/ independent subcontractor income. What does all this mean for 2011? All entities (such as partnerships, limited... continue reading

IRS Shuts Down 990 Electronic Filing System

The IRS has shut down its 990 electronic filing system for upgrades. As a result, if you have a 990 that is due between now and March 1, 2012, your return will not be able to be filed until March 1 when the IRS is scheduled to bring its system back online. Because of this shutdown, the IRS has granted an automatic extension until March 30, 2012, for those returns... continue reading