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March 10, 2021

IRS Increases User Fee for Form 5310

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The IRS issued Revenue Procedure 2020-14, in which they announced an increase in the user fee for Form 5310, Application for Determination for Terminating Plan, from $3,000 to $3,500.

This is effective January 4, 2021.

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Qualified Charitable Distribution (QCD)

Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

Salary Deferral Contribution

Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages  contributed to his/ her employer sponsored plan  rather than

Key Employee

Definition An employee who, at any time during the plan year, is (i) an officer of the employer having an annual compensation greater than $180,000,

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