Author Archives: John C. Hughes

Don’t increase your odds of winning the audit lottery

This commentary addresses an issue affecting nearly any Idaho company that maintains a retirement or medical plan.  The Form 5500 is an annual federal tax filing due for most plans by July 31 (or October 15 if extended, which most ...

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401(k) restatement deadline is approaching (access required)

Most Idaho businesses, large and small, maintain a “401(k)” and/or “profit sharing” plan. Most of those plans exist on documents that are considered by the IRS to be “preapproved” documents. All preapproved 401(k) and profit-sharing plan documents must be restated ...

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Have legal counsel review Form 5500

 Almost every nongovernment employer in Idaho that maintains a “qualified” retirement plan (which includes 401(k), profit sharing, and defined contribution plans) is required to prepare and file an Internal Revenue Service Form 5500 every year.  The improper completion of a Form ...

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