Proposed regulations - Employee retirement benefit plan returns required on magnetic media 

August 29: The Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-111837-13) concerning the requirements for certain employee retirement benefit plan statements, returns, and reports to be filed on magnetic media.

The proposed regulations [PDF 222 KB] provide that a plan administrator (or, in certain situations, an employer maintaining a plan) required by the Code or regulations to file at least 250 returns during the calendar year that includes the first day of the plan year must use “magnetic media” to file certain statements, returns, and reports under sections 6057, 6058, and 6059.

  • The 250 return threshold is determined by aggregating all returns (regardless of type) that the filer is required to file—including, for example, income tax returns, returns required under section 6033, information returns, excise tax returns, and employment tax returns.

  • The term “magnetic media” includes electronic filing, as well as other magnetic media specifically permitted under applicable regulations, revenue procedures, publications, forms, instructions, or other IRS guidance.

Comments and requests for a public hearing concerning the proposed regulations must be received by a date that is 60 days after the proposed regulations are published in the Federal Register, scheduled for Friday, August 30, 2013.

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