Alert # 2010-2|February 5, 2010

EP Exam Projects

The results of recent IRS EP (Employee Plans) exams highlight some common failures. Understanding these failures will help you better protect your clients. Click here for details.

Fiduciary Status

Fiduciary responsibilities — and the standards applied to them — are always important to you and your clients. Click here for an overview of the prudent person rule.

HEART ACT     

For highlights of IRS guidance on the Heroes Earnings Assistance and Relief Tax Act of 2008, click here. 

Court Cases in the News

The Eighth Circuit of Appeals reversed a district court’s dismissal of a class action lawsuit against Walmart. In other news, the Supreme Court announced it will not hear the Deere case. For more on these decisions, join Rich Hochman at our first quarter update eSeminar next week. Click here for information on this eSeminar.

Investment Monitoring Compliance

Our affiliate, MasteryPoint Financial Technologies, offers a plan investment analysis tool that enables advisors and DC plan fiduciaries to define monitoring standards and criteria for plan investments and to create and receive periodic reports on how plan investments are performing. Click here for the details.

Roth Conversion Reporting

When making a direct rollover from a qualified plan to a Roth IRA, be sure it is appropriately reported on Form 1099-R. Click here for some reporting examples.

		eSeminars:
		Classes tend to fill up fast. Visit www.newkirk.com/event for more information today!
		2/9/10 or 2/10/10	2010 First Quarter Update
		2/24/10	New Roth Conversion and Portability
		3/30/10	What's New on the 5500 Forms
		Live & Recorded	2010 Back-to-Basics Series
		Recorded	2009 403(b) Series
		Recorded	2009 Form 1099-R and Form 5498 Series
		Please see each individual course description for specific course levels, registration deadlines, fees, technical specifications for online events, continuing education credits, and other important information.

		Regional Seminars:
		Visit www.mhco.com for more information, or click the link below.
		5/11-12/10	Retirement Plan Insights — Coraopolis, PA
		6/8-9/10	Practitioner — Oakbrook, IL
		6/8-9/10	Retirement Plan Insights — Oakbrook, IL
		Please see each individual course description for specific course levels, registration deadlines, fees, continuing education credits, and other important information.

The general information in this e-mail alert is not intended to be nor should it be treated as tax, legal, or accounting advice. Additional issues could exist that would affect the tax treatment of a specific transaction, and, therefore, taxpayers should seek advice from an independent tax advisor based on their particular circumstances before acting on any information presented. This information is not intended to be nor can it be used by any taxpayer for the purpose of avoiding tax penalties.

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