If your dealership offers a retirement plan to employees, you have certain fiduciary responsibilities as the plan’s sponsor. Failure to meet these responsibilities can be costly, because corporate officers (as fiduciaries) may be held personally liable to restore losses suffered by plan participants.
Have you taken the required minimum distribution (RMD) from your individual retirement arrangement or workplace pension plan? That’s an important question, because failure to take your RMD on time could result in a stiff penalty of 50% of the amount you should have withdrawn (plus the income tax on the distribution).
Topics: Retirement Plan Services
The Internal Revenue Service recently announced a new project, the Employee Plans Compliance Unit (IRS) 5500 Non-Filer/DOL Project, regarding annual informational returns (Form 5500) required to be filed for most retirement plans.