|
Poor Folk Marketing.com
|
marketing iedas internet marketing online marketing offline marketing | |
|
Featured Business, Start a Personalized Candy Wrapper Business: Wrapcandy.com |
|
|
| |
| |
| Home | Small Business Information | Pay Per Click Advertising | Affiliate Revenue | Web Promotion | |
|
|
|
Build Credibility with Expertise
As an Investment Representative you've worked hard to build trust with your pension clients. Now, you can solidify that long term relationship with your expertise on one of the greatest fears of small business retirement plan sponsors. Next to an audit, nothing frightens retirement plan sponsors more than a notification letter from the Dept of Labor regarding inadequacies in their responses on the Form 5500 or 5500-EZ filing. Inadequacies that, if not corrected within 30 days of the date of the letter, would subject the plan sponsor to substantial fines and penalties, not only from the Dept of Labor but from the IRS as well. Following is a listing of the most common filing errors that will generate a letter from the Dept of Labor. 1. The Form 5500 Must Be Properly Signed And Dated Make sure that you have the proper signatures by the Employer and Plan Administrator and dates on the Form 5500, Form 5500-EZ, and any attached schedules that require a signature (Schedules B: Actuary; P: Trustee; and Schedule SSA; Plan Administrator). 2. The Form 5550 Must Have The Proper EIN And Plan Number (PN) It is critical that the Employer Identification Number EIN) used to identify the "plan sponsor" be the same year to year when completing line 2b of the Form 5500 or Form 5500EZ. 3. The Form 5500 Filing May Not Be For A Period Greater Than 12 Months Be certain the time period entered in Part I of the Form 5500 is not greater than twelve months. If the plan is not reporting on a calendar year basis, then input the twelve-month fiscal year period in the spaces provided. 4. Use A Proper Business Code When Completing Line 2d Of The Form 5500 On Form 5500, Line 2d, be certain to enter a valid business code that best describes the nature of the plan sponsor's business. The only business codes that are valid for use in answering Line 2d are listed in the Form 5500 filing instructions section marked "Codes for Principal Business Activity". 5 Use The Correct Plan Characteristics Codes On Line 8 Of The Form 5500. On Form 5500, Line 8, you must check box A to indicate if the plan is providing pension benefits. You must enter the Plan Characteristics Codes in the space provided beneath box A. These codes describe the type of pension benefits provided and other features of the plan. A list and description of the Plan Characteristics Codes is in Section 6 of the Instructions for Form 5500. 6. Properly Identify The Funding And Benefit Arrangements On Line 9 Of The Form 5500 Indicate all the proper Funding and Benefit Arrangements on Form 5500, Lines 9a and 9b. The "Funding Arrangement" is the method used for the receipt, holding, investment, and transmittal of plan assets prior to the time the plan actually provides benefits. The "Benefit Arrangement" is the method by which the plan provides benefits to participants. The responses on Lines 9a and 9b are cross-referenced against information on Schedules H, I, and/or A as appropriate. Be careful to attach the appropriate financial or insurance schedule (H, I, A) that corresponds to the Benefit and Funding Arrangements you indicate. 7. File All The Required Schedules And Attachments With Your Form 5500 Make sure you are filing all the required schedules and attachments with your Form 5500. If you check a box indicating that a schedule is attached, the schedule must be submitted with your Form 5500. 8. Schedule R And Distributions You must prepare Schedule R only if there are any distributions or rollovers from the plan. You must enter both the EIN of the distribution payer and the EIN of the pension plan. Part 3 is only for money purchase plans that have made single sum distributions. 9. File The Appropriate Financial Information Schedule (H or I) With Your Form 5500. Make sure you file the proper Financial Information Schedule with your Form 5500. The Schedule H is for "large plan" filers generally plans with 100 or more participants at the beginning of the plan year). The Schedule I is for "small plan" filers generally plans with fewer than 100 participants at the beginning of the plan year). 10. Complete the Participant Benefit Information on the Schedule SSA Make sure that you list all of the terminated participants with their vested balances from the prior year that still have not been paid. Starting with the 2004 filing year, sponsors are required to list participants, previously outstanding, who have been subsequently paid. When your client calls, anxious of a possible Dept of Labor fine, you can build long term credibility by taking charge of seeing the correction is made by the preparer. Better still, review or have an expert review, the Form 5500 before the client sends the forms into the Dept of Labor and save your client receiving any letter at all. Calendar year plans Form 5500 EZ and Form 5500 with related schedules are due by July 31, each year. Lawrence Groves is the Director of the small business retirement administration services for the Retirement Group with the Solo 401k administration program at http://www.solo-k.com and the special 401(k) "Free for Three" ? administration program. Lawrence comes to his clients with over 25 years as an experienced expert in plan design, administration, and compliance. Lawrence works closely with for profit, non-profit, and government agencies on 401(k), 403(b), 457, Profit Sharing, and Puerto Rican 165(e) small business plans. Lawrence can be reached at Lawrence@solo-k.com or 727.844.7000
MORE RESOURCES:
Small-Business - Google News |
|
|
|
RELATED ARTICLES
5 Small Business Management Questions to Help Choose Marketing Programs As small business managers, we juggle limited resources in a quest for success. To an extent, when we focus on success in one area we forego attention elsewhere. Are You Making These Mistakes In Your Business? You've probably heard the statistic that 95% of small businesses fail in the first five years. That's not a very encouraging number! Although being part of the 5% that succeed is not easy, it's definitely possible. ADH Will Make Your Life More Productive & Your Life More Profitable What is a Virtual Assistant?? A Virtual Assistant is that indispensable element of your office staff - a professional that provides high quality administrative services in a highly scalable, value added format.? A Virtual Assistant is not an employee of your company, but rather an independent 1099 contractor who can work either by the hour or by retainer. Seven Common Mistakes Made By Small Business Owners Most new small businesses won't be in business this time next year. That's the cold hard facts. Small Business Success - It's a Matter of Confidence I was floored! I couldn't believe what they were saying! But there they sat -- three of the biggest film stars of our age -- telling the world they had issues with confidence. I was watching an interview where Meryl Streep, Nicole Kidman and Julianne Moore were talking with Oprah Winfrey. Become The Squeaky Wheel and Watch Your Business Skyrocket! Providing high quality customer service is a must for any business to survive.Following up on all contacts and leads is also crucial in order to increase your sales and client base. The Perilous Franchise Agreement: What Did You Sign? Purchasing a franchise has become one of the most popular avenues for individuals looking to escape the rigid work day of a 9 to 5 job and take the leap into the world of independent business owner. After all, who doesn't dream of being their own boss and controlling the limits of their own financial future? For anyone looking to act on their entrepreneurial spirit, franchising can indeed offer many attractive qualities that can provide excellent growth and earning potential, as well as satisfy that longing for independence. Small Business Checks - Money Saving Options When you go into business for yourself, there are many things to consider. What you don't want to worry about is spending too much money on unnecessary items. Small Home Business: Ad Copy Secrets So it's time to invest some finances into advertising your business and you are considering producing a flyer to advertise your business. Rather than sweat all night on writing the perfect flyer, first take some time to consider what the experts have found to be effective. Consistency with Janitorial and Cleaning Businesses Consistency is a huge word when operating your business. I believe it is one of the key ingredients to success. Pressure Washing at Golf Courses There are many potential niches for pressure washing companies that often go unchecked. Some are quite lucrative and are worth investigation if you own a pressure washing business. Business Reviews that Work What is the satisfaction & expectation review of the business history to date?You have spent a lot of time and effort gathering information about your clients and potential customers. You have kept track of everything that you need to know and have followed-up with precision. Employee Relations Manual Sample Outline Most smart entrepreneurs and all large corporations have Employee Relations Manuals. Nearly all businesses with over five or more employees have some sort of employee manuals but not all have Employee Relations Manuals for their managers. How to Give Informative Talks Why should you do informative talks to smaller groups?Informative talks to smaller groups allow you more intimacy with the audience. You will be able to more closely connect with their needs and their responses to your speech. Do You Want Your Own Fully Programmable ERP? - Part 3 Continuing from the second article:6. About the aground mathematical model, let us to see the product k:First quantity received in 10/6/98, quantity 1,000, unit cost US$ 34. What Happened to the Money and Freedom? Ask anyone trapped in a cubical about their entrepreneurial dream and they will tell you, "I want to own my own business. I'll make more and have more time. Banking and Company Credit Card Policies for Small Business Does your small business have a banking and credit card policy? If not, perhaps you might wish to think on it. Developing such policies and procedures is not a difficult task. Start a Technical Writing Service Technical writing services are employed to explain the details of a topic in a way that is easily understood by the readers. In todays information age, technical writing jobs are increasingly common. Boston Suburban areas a good choice to run a business BioTechs even with the latest news had shed over 1000 jobs two years ago, as it was reported by The Financial Times, WSJ, and Bloomberg that only 17 of the nearly 1300 BioTech firms were actually profitable. In 2002 the number of jobs were in the 30,000 range in Biotech. Start a Resume Writing Service for Profit The resume writing service serves an important role in the economy. Many qualified candidates have a difficult time marketing themselves to employers and turn to a professional writing service for assistance.
|
| home | site map |
| PoorFolkMarketing © 2007 |
