Headlines about "Reporting requirements (to gov't agencies)"

Gathered from the web by the editors at BenefitsLink.com.
Multiple Employer Plans Offer Retirement Security Advantages
"Some of those advantages are: 1. Cost reductions through plan aggregation, creating volume discounting. 2. Fiduciary risk transfer to the MEP sponsor and its named fiduciary. 3. Elimination of document maintenance by adopting employers. 4. Elimination of Form 5500 filings by adopting employers. 5. For larger adopting employers, elimination of expensive individual ERISA audits." (Employee Benefit News)

[Guidance Overview] New IRS FAQs on Form 8955-SSA Remind Practictioners to File Late Forms as Soon as Possible
"The most recent update on January 24, 2012 added the following . . . FAQs which relate to missing the Form 8955-SSA filing deadline: [1] What should I do if I missed the filing deadline for Form 8955-SSA? You should submit your form as soon as possible after the missed deadline." (McKay Hochman Company, Inc.)

[Guidance Overview] Slide Presentation: Form W-2 Reporting Requirements for Employer-Sponsored Group Health Coverage (PDF)
"Overview: Informational nature of reporting requirement; Effective date; Special transition relief for small employers; Employers subject to the new rules; Plans that must be reported; Determination of the aggregate cost; [and] Open issues" (Crowell Moring via American Benefits Council)

PBGC Intends to Revise 2013 Filing Procedures and Instructions, Requests Comments
Includes a summary of the proposed revisions. 'The Pension Benefit Guaranty Corporation (PBGC) proposed submission of information collection regarding payment of premiums. Comments are due April 2, 2012." (International Foundation of Employee Benefit Plans)

[Guidance Overview] Deadline for Calendar Year Health Plans to Submit Creditable Coverage Disclosures to CMS is February 29 (PDF)
"Group health plan sponsors that provide prescription drug coverage to those eligible for Medicare Part D must disclose to CMS on an annual basis whether the coverage qualifies as creditable or non-creditable." (Buck Consultants)

[Guidance Overview] Headlines in Employee Benefits Law E-Alert, January 2012 (PDF)
The newsletter covers select compliance deadlines and reminders, and retirement plan, health and welfare plan, and general developments. (Reinhart Boerner Van Deuren s.c.)

[Guidance Overview] D.C. Requires Employers to Withhold D.C. Tax on Retirement Plan and IRA Distributions to D.C. Residents (PDF)
"Unlike withholding in some other jurisdictions, the D.C. legislation requires withholding from distributions from IRAs, as well as pension, profit sharing and tax sheltered annuities (403(b) plans); withholding is mandatory, not voluntary." (Saul Ewing LLP)

[Guidance Overview] Reminder of ISO and ESPP Reporting Deadlines
"This is a reminder to companies issuing incentive stock options and sponsoring employee stock purchase plans about the January 31 deadline to report certain information to participants and the February 28 deadline to file returns with the IRS." (McKenna Long & Aldridge LLP)

[Official Guidance] Second Quarter Update to the 2011? 2012 IRS Priority Guidance Plan (PDF)
"The second quarter update to the 2011-2012 plan reflects 14 additional projects that have become priorities and/or guidance we have published during the period from October 1, 2011 through December 31, 2011 of the plan year. In addition, the update reflects one project we have closed without publication because the statute was subsequently repealed." (U.S. Internal Revenue Service)

[Guidance Overview] Michigan Law Imposes Assessments on Health Claims Paid under Employer-Sponsored Plans
"Last September, Michigan enacted a law that imposes upon certain entities an assessment equal to 1% of their total paid claims1 under an ERISA group health plan, up to a cap of $10,000 per individual, effective for dates of service on or after January 1, 2012." (Miller & Chevalier Chartered)

[Guidance Overview] Significant Compensation and Benefit Due Dates for 2012 (PDF)
"This Compliance Calendar assumes a plan administered on a calendar year basis by an employer with a calendar fiscal year." (Aon Hewitt)

[Guidance Overview] Prepare for Health Plan Participant Fee
"Many questions about the fee are currently unanswered, including when it must be paid. Proposed regulations are expected on this and other matters. In the meantime, Notice 2011-35 provides information for plan sponsors and issuers to ensure they have properly budgeted for this expense." (Dorsey & Whitney LLP)

[Guidance Overview] IRS Guidance on Reporting 2010 Roth IRA Rollovers and Conversions and 2011 Distributions
"The taxpayer may have to include in 2011 income all or some of the taxable amount of the 2010 rollovers and conversion to a Roth IRA and in-plan Roth rollovers that would have otherwise been included in 2012 income. To determine the amount to report in 2011, the taxpayer must complete the 2011 Form 8606, using Part III, for distributions from a Roth IRA and Part IV, for distributions from a designated Roth account." (Wolters Kluwer Law & Business / CCH)

[Guidance Overview] Reminder of Annual Requirements for Investment Managers (PDF)
"There are . . . changes on the horizon under [ERISA] and related[DOL] regulations that are important to Investment Managers that accept clients who are ERISA plans or that manage private funds that are subject to ERISA." (Winston & Strawn LLP)

[Guidance Overview] Annual Reporting Requirements for Incentive Stock Options and Employee Stock Purchase Plans
"With respect to reporting ESPP transactions, companies are required to report the first transfer of legal title to any share purchased under an ESPP plan." (Orrick, Herrington & Sutcliffe LLP)

[Guidance Overview] Numerous Changes Have Been Made to and by Determination Letter Procedures
"The revised procedures are effective February 1, 2012 for plans under the five-year remedial amendment cycle (other than terminating plans), and May 1, 2012 for terminating plans and for plans under the six-year remedial amendment cycle." (Wolters Kluwer Law & Business / CCH)

[Guidance Overview] 2012 Deadlines Approach to Furnish Incentive Stock Option and Employee Stock Purchase Plan Information Statements and Returns
"In addition to the employee information statements, corporations must file returns with the Internal Revenue Service on Forms 3921 and 3922 no later than February 28, 2012, if filed on paper, or April 2, 2012, if filed electronically." (DLA Piper)

[Guidance Overview] DOL's Proposed New Rules that Will Affect Multiple Employer Welfare Arrangements (PDF)
"The two areas of concern are: (1) the Secretary of Labor's ability to issue a cease and desist order or a summary seizure order; and (2) the reporting and disclosure requirements for MEWAs. The DOL has also proposed revisions to the Form 5500 and the Form M-1 for MEWAs." (Conrad Siegel Actuaries)

[Guidance Overview] IRS's 2011 Form 8839 (Qualified Adoption Expenses) and Instructions
"The revised instructions complete the transformation of Form 8839 to a system of refundable credits. Unfortunately for both the IRS and taxpayers, however, that system was temporary and expired at the end of 2011. Unless an extension is enacted, the credit carryforward rules will return for 2012, and the IRS will have to revise Form 8839 yet again next year." (Thomson Reuters/EBIA)

[Guidance Overview] ERRP Reminder: March 30 Deadline for Submission of Full-Replacement Claim List
"Last month the CMS announced that the ERRP would be closed for claims incurred after December 31, 2011, due to the projected exhaustion of funds." (Deloitte via BenefitsLink.com)

[Guidance Overview] IRS Gives Tips for Fixing Problems with Electronic Signatures for Form 5500s
"Starting January 1, 2012, Forms 5500 and 5500-SF that have no electronic signature will receive a filing status of 'unprocessable' and Forms 5500 and 5500-SF that have an invalid electronic signature will receive a filing status of 'processing stopped.'" (Wolters Kluwer Law & Business / CCH)

IRS 2011 Version of Publication 969 on HSAs, HRAs, Health FSAs, and MSAs
"Publication 969 provides a convenient overview of the basic features of various consumer-driven health care vehicles without getting into too much detail." (Thomson Reuters/EBIA)

[Guidance Overview] 2011 Form M-1 Now Available; New Question Addresses Compliance with Health Care Reform Mandates
"Administrators accustomed to the detailed information in the self-compliance tool may find the references to the health care reform web page considerably less helpful, but presumably they will have worked with their advisors to confirm compliance with the health care reform mandates before preparing the filing." (Thomson Reuters/EBIA)

[Guidance Overview] 2012 Reporting & Disclosure Calendar for Multiemployer Plans (PDF)
"The [calendar] summarizes compliance requirements for multiemployer plans." (The Segal Group, Inc.)

[Guidance Overview] New FAQ about Form 8955-SSA Clarifies Requirements for Answering 'Yes' to Question 8
"For those plan administrators who have not filed their Form 8955-SSA for the 2009 and 2010 plan years, this new FAQ . . . provides helpful clarification of the requirements for answering 'yes' to question 8 on the form, although it may come too late to allow some plan administrators to withhold information that is clearly no longer required." (Thomson Reuters/EBIA)

[Guidance Overview] 2011 Earned Income and Self-Employment Tax Affect on Pension Calculations
"For years, Code ?164(f) has allowed a self-employed individual to deduct from adjusted gross income one-half of the self-employment taxes (SE Tax) the individual pays. This is designed to put an unincorporated business on an even footing with a corporation. Corporations can deduct the company's share of FICA, which is one-half of the total FICA paid. The 164(f) deduction allows the individual to have the benefit of a similar deduction." (SunGard Relius)

[Guidance Overview] Tax Reporting Deadline Rapidly Approaching for Incentive Stock Options and Employee Stock Purchase Rights
"While these filings are required only once per year, please note that each Form 3921/3922 may report only one transaction. As a result, employers may need to prepare multiple forms for a single employee." (Jones Day)

[Guidance Overview] IRS Mileage Rate Remains Unchanged
"Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 55.5 cents per mile for business miles driven. The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011." (Barker Olmsted & Barnier)

[Guidance Overview] Sample Compliance Calendar for Retirement Plans (PDF)
"This calendar provides general key retirement plan compliance requirements common to most calendar year plans." (ERISAdiagnostics Inc.)

[Guidance Overview] Health & Welfare Plan Reporting and Disclosure Checklist (PDF)
"There are numerous reporting and disclosure requirements for Health & Welfare Plans. We have expanded and replace our previous chart containing only disclosure requirements to include reporting requirements." (ERISAdiagnostics, Inc.)

New FASB Rules on Multiemployer Plan Disclosures: Where to Find the Information
"The new requirements ask employers to provide a lot of detail concerning the pension plans they contribute to. Some of the information will be readily available within the employer's own records, such as the amount of contributions made to each 'significant' plan and to all plans in the aggregate, as well as the expiration dates of collective bargaining agreements. However, much of the rest needs to be gathered with a little bit of help from the plans themselves." (Retirement Town Hall)

[Guidance Overview] PBGC's Policy Statement on Recharacterizing Premium Contributions
"A recharacterization of a premium contribution from the current plan year to a prior year is not an appropriate basis for amending a filing and claiming a refund of the premium, according to a Policy Statement released by the PBGC." (Wolters Kluwer Law & Business / CCH)

[Guidance Overview] IRS Issues Form to Claim Small Business Health Care Tax Credit
"The Internal Revenue Service has released the final 2011 version of Form 8941, which eligible small employers may use to calculate the small employer health care tax credit, as provided under the Patient Protection and Affordable Care Act (ACA)." (Wolters Kluwer Law & Business / CCH)

[Guidance Overview] Incentive Stock Options and Employee Stock Purchase Plans: IRS Information Statements and Information Returns under Section 6039
"For incentive stock option exercises and transfers of stock acquired under employee stock purchase plans in 2011, the employer must furnish employee information statements no later than January 31, 2012 and must file information returns with the IRS no later than February 28, 2012 (or March 31, 2012 if filing electronically)." (Cooley LLP)

[Guidance Overview] Two Important ERRP Deadlines
"[1.] [CMS] requests Plan Sponsors that have received reimbursement under the Early Retiree Reinsurance Program (ERRP) to complete a survey located at https://www.research.net/s/CMS-ERRP-Survey. [2.] [HHS] is requiring Plan Sponsors that have been reimbursed with ERRP funds to submit a full-replacement Claims List that passes the automated edits introduced on October 1, 2011 and an associated reimbursement request by March 30, 2012 for each plan year." (Cheiron, Inc.)

[Guidance Overview] Update on Fiscal Year Health FSAs and the $2,500 Limit
"On January 10, 2011 I posted about how employers with health FSAs that follow a fiscal year might comply with the $2,500 deferral dollar limit going into effect on January 1, 2013. This post updates and corrects the earlier post as follows: Notice 2012-9, which provides updated guidance on Form W-2 reporting of the value of group health care, exempts most health FSAs from the reporting requirement. The specific exemption applies to health FSAs that are exempt from HIPAA because they are funded entirely by employee salary deferrals, or because any employer contribution is $500 or less." (E is for ERISA)

[Guidance Overview] IRS Clarification of Previous Guidance on Form W-2 Informational Reporting Requirement
"Employers should continue to work with payroll administrators to determine their level of preparedness to administer this new reporting requirement. Employers should determine which of their benefit arrangements must be reported so as to accurately capture the correct benefit values for the 2012 Forms W-2." (Proskauer Rose LLP)

[Guidance Overview] Updated Guidance on Form W-2 Reporting of Health Care Coverage
"Employers should review their benefit plans to determine which plans meet the definition of 'applicable employer-sponsored coverage.' For example, employers should consider whether their EAPs, wellness programs, or on-site medical clinics would be considered group health plans and, further, whether they should report such coverage (consideration also should be made as to whether COBRA should be offered for such programs)." (Morgan, Lewis & Bockius LLP)

[Guidance Overview] IRS Clarification of Form W-2 Reporting Obligations for Employer-Provided Health Coverage
"Although mandatory reporting on Form W-2 is a year away, the time for action is now. Employers should now (or very soon) begin discussions with their payroll departments (or outside payroll service providers) and create a schedule of what information is needed, who will provide it, and who will take the lead in overseeing all tasks, so that compliance with the reporting requirement does not slide to the end of the year, and become an overwhelming endeavor." (Davis Wright Tremaine LLP)

[Guidance Overview] Two New Cafeteria Plan Requirements Begin Affecting Plans in 2013
"Two new requirements apply to cafeteria plans in 2013 but plan administrators may need to start planning for these changes this year. The first is likely the most well-known: a new annual limit on employee contributions to health FSAs. The second may be more surprising: W-2 reporting of employer contributions to Health FSAs." (Wolters Kluwer Law & Business / ftwilliam.com)

[Official Guidance] EBSA Publishes 2011 Form M-1 for Multiple Employer Welfare Arrangements
"The 2011 Form M-1 is now available for online filing." (U.S. Employee Benefits Security Administration)

[Guidance Overview] 2012 Reporting & Disclosure Calendar for Benefit Plans (PDF)
Sibson Consulting's 2012 Reporting & Disclosure Calendar for Benefit Plans summarizes compliance requirements for qualified, single employer benefit plans. An interactive version of this calendar is available at http://www.sibson.com/publications-and-resources/rd-calendar/. (The Segal Group, Inc.)

[Guidance Overview] PBGC Extends Interim Reporting Relief to 2012 Plan Years
"This Technical Update . . . addresses two topics: [(1)] funding‐related determinations for purposes of waivers, extensions, and the advance reporting threshold test; and [(2)] missed quarterly contributions. [Click on the link under 'Items of Interest' on the target page.]" (Keightley & Ashner LLP)

[Guidance Overview] New Procedures for Filing Determination Letter Applications
"Several important changes will take effect in the determination letter program beginning in 2012. The IRS has stated that these changes are intended to (1) reduce the burden on employers for filing determination letter applications (and in some cases, eliminate the need to file an application) and (2) reduce the time it takes for the IRS to process determination letter applications." (Porter Wright Morris & Arthur LLP)

[Guidance Overview] IRS Amends and Supplements 'Interim' Guidance on Form W-2 Reporting of Cost of Health Coverage
"As with Notice 2011-28, the new guidance and 'transition relief' apply with respect to 2012 Forms W-2, which generally must be furnished to employees in January 2013. Future guidance may limit the availability of some or all of the relief, but on a prospective basis only (applying no earlier than January 1 of the year that begins at least 6 months after the guidance is issued, and in no event applying to 2012 Forms W-2)." (Miller & Chevalier Chartered)

[Guidance Overview] IRS Guidance on Form W-2 Reporting of Health Care Coverage (PDF)
"As a follow-up to interim guidance issued last year, the IRS provided additional clarifications to assist employers in complying with the W-2 reporting requirements. This new guidance applies to W-2 reporting for 2012." (Buck Consultants, LLC)

[Guidance Overview] IRS FAQs on Notice to Terminated Participants with Deferred Vested Benefits Reported on the New Form 8955-SSA
"Plan administrators should review the materials previously distributed to terminated vested participants for the 2009 and 2010 plan years to confirm whether a separate notice should be provided to the affected participants by the January 17, 2012, deadline for calendar year plans." (Ballard Spahr LLP)

[Official Guidance] IRS Retirement Plan FAQs Regarding Form 8955-SSA
"What are the requirements for answering 'yes' to question 8 on Form 8955-SSA? A plan administrator may answer 'yes' to question 8 if the required information was timely furnished to participants in other documentation such as benefit statements or distribution forms." (U.S. Internal Revenue Service)

[Guidance Overview] PBGC's 2012 Plan Year Guidance on Reportable Events (PDF)
"If final regulations become effective in 2012, they will supersede the guidance in this Technical Update. The PBGC issued proposed reportable events regulations in 2009. Due to public comments, the PBGC intends to repropose the regulations. Technical Update 11-1 extends the PBGC's guidance issued previously in Technical Update 10-4." (The Prudential Insurance Company of America)

[Guidance Overview] W-2 Reporting of Health Coverage Cost
"The temporary exemption for employers that filed fewer than 250 W-2s for the preceding calendar year is still in place, until further notice." (Perkins Coie LLP)

[Guidance Overview] IRS Notice 2012-9 Modifies Form W-2 Reporting on Group Health Plan Coverage
"The Notice clarifies that the cost of coverage that is includible in the income of a highly compensated individual under Code ? 105(h) -- or payments or reimbursements of health insurance premiums that are includible in the income of a two percent (2%) shareholder-employee of an S corporation -- are not included in the aggregate reportable cost." (Deloitte via BenefitsLink.com)

[Guidance Overview] 2011 Reporting for 2010 Roth Rollovers and Conversions
"The [IRS] guidance explains how participants should complete various line items of the 2011 Form 1040 series (which varies based on whether any portion of the amount involved was distributed in 2010 or 2011). Some participants may have a separate reporting obligation on the 2011 Form 8606 for subsequent distributions from the Roth account in 2011." (Mercer Select)

[Guidance Overview] Form W-2 Information Reporting of Health Care Costs (PDF)
"Employers may now want to review that their payroll providers have taken appropriate steps to prepare for this new obligation. Failure to comply can result in a penalty of $200 per Form W-2, up to a maximum of $3 million." (Reinhart)

[Official Guidance] PBGC's 'My PAA' Electronic Premium Submission System Now Ready for 2012 Plan Year
Estimated flat-rate filings and comprehensive filings for plan years beginning in 2012 can be electronically submitted to the PBGC via its 'My Plan Administration Account (My PAA)' system. Information about how to e-file via My PAA (e.g., FAQs and Demos) is on the target web page. (Pension Benefit Guaranty Corporation)

[Official Guidance] 2012 Premium Payment Instructions from Pension Benefit Guaranty Corporation (PDF)
75 pages, including appendices. 'The filing requirements for 2012 are almost identical to the filing requirements for 2011. . . . The per-participant flat-rate premium rates for 2012 remain at $35 for single-employer plans and $9 for multiemployer plans." (Pension Benefit Guaranty Corporation)

[Guidance Overview] IRS Releases 2011 Form 8941 and Instructions for Claiming Small Business Health Care Tax Credit
"Once calculated, the tax credit is claimed as a general business credit on Form 3800 (or by tax-exempt small employers as a refundable credit on Form 990-T). As background, employers with fewer than 25 employees and average annual wages of less than $50,000 per employee that offer health insurance coverage under a qualifying arrangement may qualify for a tax credit of up to 35% of the nonelective contributions they make toward premium cost." (Thomson Reuters/EBIA)

[Guidance Overview] IRS Guidance on Mandatory Reporting of Value of Health Coverage on 2012 Forms W-2
"Importantly, health coverage is treated as applicable employer-sponsored coverage without regard to whether the employer or the employee pays for the coverage, or whether or not the value of the coverage is includible in the employee's income." (PricewaterhouseCoopers LLP)

Health Reform Reporting Rule Clarified
"The latest guidance also reiterates numerous provisions in last year's guidance, including that the cost of coverage that is taxable to employees, such as for a child older than 26, must be reported on the W-2. It also reiterates that contributions employees make to flexible spending accounts are to be excluded from the health care cost figure." (Business Insurance)

[Guidance Overview] IRS Issues Revised Guidance on Form W-2 Health Coverage Reporting
"The revisions should help employers and advisors as they navigate the new reporting requirement, especially with respect to application of the requirement to EAPs, wellness programs, and on-site medical clinics. However, calculating the cost of coverage will continue to be a challenge, particularly for self-insured plans." (Thomson Reuters/EBIA)

[Guidance Overview] The New Michigan Pension Withholding Requirements
"The most recent '2012 Pension Withholding Guide' with the most recent MI-4P is available [at http://www.michigan.gov/documents/taxes/2012_Pension_Withholding_Guide_365268_7.pdf]. You will know you have the most current version if the version date '11/11' is in the upper left corner." (Warner Norcross & Judd LLP)

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