💼IRS Requests Comments on SIMPLE IRA Plan Forms for Businesses
Agency Collection Activities; Requesting Comments Comment Request for Form 5304-SIMPLE, Form 5305-SIMPLE, and Notice 98-4.
Summary
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 5304-SIMPLE, Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)--Not for Use With a Designated Financial Institution; Form 5305-SIMPLE, Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)--for Use With a Designated Financial Institution; Notice 98-4, Simple IRA Plan Guidance.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The text involves compliance requirements related to IRS forms pertinent to SIMPLE IRA plans for small businesses. Business owners must be aware of these forms for employee retirement plans to ensure proper documentation and tax deductions, which are critical for financial management.