Scott Gottlieb, CPA

105 Maxess Road, Suite N116
Melville, New York 11747

Office: 631-574-4484 or 631-253-CPA2

631-574-4484 phone
American Institute of CPA'S
Member of BNI
Certified Quickbooks Pro Advisor
Registered In NY

certified quickbooks proadvisor
  For My Clients
  City/State/Federal Tax Forms & Revenue Links
  IRS Information For All
  NYC Business Forms
  State Business Forms
  Federal Business Forms
  Quickbook Updates
  Links of Interest
  U.S. Tax Code
  Tax & Government Links
  Tax Humor & History
  Contact Us
  Articles & News
  Current Article
  Archived Tax Articles
  American Recovery
Reinvestment Act 2009
  Archives Interest Sites

Balance Budget Act 1997


Never Underestimate the Value of A CPA

Pet Adoption











September 2003
IRS Reminds Businesses of Retirement Plan Deadline

IR-2003-109, Sept. 15, 2003

WASHINGTON — The Internal Revenue Service today reminded approximately 750,000 small and mid-size businesses using “off-the-shelf” retirement plan documents that they must update their plans by Sept. 30, 2003, to maintain the tax benefits. Businesses that act after the deadline must pay a compliance fee to avoid loss of tax benefits.

The Sept. 30 deadline applies to small businesses that obtain certain IRS approved “off-the-shelf” plan documents from plan sponsors, such as banks, brokers, insurance companies, lawyers or consultants. The plans are the so-called Master & Prototype (M&P) plans and Volume Submitter plans. Even though such plans are approved and sponsors have updated them, businesses must still formally adopt the updated plans by Sept. 30. To do so, businesses should contact their plan sponsor.

Some M&P and Volume Submitter plans must also file determination letter requests in order to keep their plans in compliance with the law. In Revenue Procedure 2003-72, the IRS extended the deadline for filing a determination letter request to Jan. 31, 2004, for employers who adopt their plan amendments by the Sept. 30, 2003, deadline.

Employers who fail to amend their plans by Sept. 30, 2003, must apply for a determination letter to avoid plan disqualification, and, under the Revenue Procedure 2003-72, they will also have until Jan. 31, 2004, to apply. But they must pay a $250 compliance fee with their application.

Paul Shultz, director of IRS’s Employee Plans Rulings & Agreements, said, “We’ve heard from the benefits community about the pressure that the fast-approaching deadline will cause on employers, especially small business owners. We’re trying to encourage employers to act now and contact their plan sponsors.”

Both businesses and their employees enjoy tax benefits from retirement plans that are in compliance with the law. Failure – even inadvertent failure – to act by the deadline could cost a retirement plan tax-favored status.

Employers or plan sponsors in need of more information should visit the Retirement Plans Web page, or call customer account services toll-free at 1-877-829-5500






1997-2009 Scott Gottlieb, CPA. All Rights Reserved.

Disclaimer/Use of Site

The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant