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Form 5304-SIMPLE online West Covina California: What You Should Know
As outlined below, the IRS has proposed the issuance of three additional rules and two other instructions and guidance items related to IRS Form 5304-SIMPLE. 1. To be eligible to participate in the plan, each individual employee (and all family members of that employee) participating in the plan must: (a) Be a U.S. citizen or permanent resident within the meaning of Section 274A(c) of the Internal Revenue Code (26 U.S.C. Section 274A; 27 U.S.C. § 205) at the time the plan sponsor commences participating in the plan; (b) Be employed by a small employer (or by the sponsor of a small employer plan) as of the effective date of the plan; and (c) Have (i) less than 50,000 in annual gross salary, (ii) less than 300 wages, (iii) at least one pay period in the tax year immediately preceding the tax year of participation, and for plan years thereafter, have (iv) less than one-half of the annualized salary of all wages that were paid during the last tax year that qualified a beneficiary for a reduced salary basis under section 162; and 2. The plan may only be offered by a small employer plan if (a) It is not offered as part of a group plan, (b) Each employee who participates is a full-time employee and the employee's wages under the plan are (i) at least equal to the amount to which the employee would have been entitled (other than by reason of a payment-in-lieu of-taxes allowance under section 457 of the Internal Revenue Code) if the employee had been a salaried employee in computing the employee's gross income for purposes of subsection (a)(1)(A) of Section 6402 of the Internal Revenue Code, and (ii) in a position that requires the employee to work outside his regular place of business for at least 50 hours in a month; and 3. The plan may only be offered by a small employer plan if the employee has not entered into or been required to terminate before the close of the first calendar quarter of the plan year any qualified multiemployer plan of which the employer is a participant; and 4.
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