Form 5304-Simple - Savings Incentive Match Plan For Employees Of Small Employers (Simple) - Not For Use With A Designated Financial Institution Page 6
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Form 5304-SIMPLE (Rev. 3-2012)
Page
Reporting Requirements
issuer of the employee’s SIMPLE IRA. In
There is a penalty of $50 per day
this notification, you must indicate
imposed on the financial institution for
You are not required to file any annual
whether you will provide:
each failure to provide the summary
information returns for your SIMPLE IRA
description described above. However, if
1. A matching contribution equal to
plan, such as Form 5500, Annual
the failure was due to reasonable cause,
your employees’ salary reduction
Return/Report of Employee Benefit Plan,
the penalty will not be imposed.
contributions up to a limit of 3% of their
or Form 5500-EZ, Annual Return of
compensation;
One-Participant (Owners and Their
Paperwork Reduction Act Notice. You
2. A matching contribution equal to
Spouses) Retirement Plan. However, you
are not required to provide the
your employees’ salary reduction
must report to the IRS which eligible
information requested on a form that is
contributions subject to a percentage
employees are active participants in the
subject to the Paperwork Reduction Act
limit that is between 1 and 3% of their
SIMPLE IRA plan and the amount of
unless the form displays a valid OMB
compensation; or
your employees’ salary reduction
control number. Books or records
contributions to the SIMPLE IRA plan on
3. A nonelective contribution equal to
relating to a form or its instructions must
Form W-2. These contributions are
2% of your employees’ compensation.
be retained as long as their contents
subject to social security, Medicare,
may become material in the
You can use the Model Notification to
railroad retirement, and federal
administration of any Internal Revenue
Eligible Employees earlier to satisfy
unemployment tax.
law. Generally, tax returns and return
these employee notification
Deducting Contributions
information are confidential, as required
requirements for this SIMPLE IRA plan. A
by section 6103.
Summary Description must also be
Contributions to this SIMPLE IRA plan
provided to eligible employees at this
The time needed to complete this
are deductible in your tax year
time. This summary description
form will vary depending on individual
containing the end of the calendar year
requirement may be satisfied by
circumstances. The estimated average
for which the contributions are made.
providing a completed copy of pages 1
time is:
and 2 of Form 5304-SIMPLE (including
Contributions will be treated as made
Recordkeeping .
.
.
. 3 hr., 38 min.
the information described in
for a particular tax year if they are made
Learning about the
for that year and are made by the due
Article VI—Procedures for Withdrawals).
law or the form .
.
.
. 2 hr., 26 min.
date (including extensions) of your
If you fail to provide the employee
Preparing the form
.
.
.
. 47 min.
income tax return for that year.
notification (including the summary
If you have comments concerning the
description) described above, you will be
Summary Description
accuracy of these time estimates or
liable for a penalty of $50 per day until
suggestions for making this form
Each year the SIMPLE IRA plan is in
the notification is provided. If you can
simpler, we would be happy to hear
effect, the financial institution for the
show that the failure was due to
from you. You can write to the Internal
SIMPLE IRA of each eligible employee
reasonable cause, the penalty will not be
Revenue Service, Tax Products
must provide the employer the
imposed.
Coordinating Committee,
information described in section
If the financial institution’s name,
SE:W:CAR:MP:T:M:S, 1111 Constitution
408(l)(2)(B). This requirement may be
address, or withdrawal procedures are
Ave. NW, IR-6526, Washington, DC
satisfied by providing the employer a
not available at the time the employee
20224. Do not send this form to this
current copy of Form 5304-SIMPLE
must be given the summary description,
address. Instead, keep it with your
(including instructions) together with the
you must provide the summary
records.
financial institution’s procedures for
description without this information. In
withdrawals from SIMPLE IRAs
that case, you will have reasonable
established at that financial institution,
cause for not including this information
including the financial institution’s name
in the summary description, but only if
and address. The summary description
you ensure that it is provided to the
must be received by the employer in
employee as soon as administratively
sufficient time to comply with the
feasible.
Employee Notification requirements
earlier.
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