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Can Still E File 2011 Taxes

Can still e file 2011 taxes 2. Can still e file 2011 taxes   Simplified Employee Pensions (SEPs) Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Setting Up a SEPWhen not to use Form 5305-SEP. Can still e file 2011 taxes How Much Can I Contribute?Contribution Limits Deducting ContributionsDeduction Limit for Contributions for Participants Deduction Limit for Self-Employed Individuals Carryover of Excess SEP Contributions When To Deduct Contributions Where To Deduct Contributions Salary Reduction Simplified Employee Pensions (SARSEPs)SARSEP ADP test. Can still e file 2011 taxes Deferral percentage. Can still e file 2011 taxes Employee compensation. Can still e file 2011 taxes Compensation of self-employed individuals. Can still e file 2011 taxes Choice not to treat deferrals as compensation. Can still e file 2011 taxes Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. Can still e file 2011 taxes Reporting and Disclosure Requirements Topics - This chapter discusses: Setting up a SEP How much can I contribute Deducting contributions Salary reduction simplified employee pensions (SARSEPs) Distributions (withdrawals) Additional taxes Reporting and disclosure requirements Useful Items - You may want to see: Publication 590 Individual Retirement Arrangements (IRAs) 3998 Choosing A Retirement Solution for Your Small Business 4285 SEP Checklist 4286 SARSEP Checklist 4333 SEP Retirement Plans for Small Businesses 4336 SARSEP for Small Businesses 4407 SARSEP—Key Issues and Assistance Forms (and Instructions) W-2 Wage and Tax Statement 1040 U. Can still e file 2011 taxes S. Can still e file 2011 taxes Individual Income Tax Return 5305-SEP Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 5305A-SEP Salary Reduction Simplified Employee Pension—Individual Retirement Accounts Contribution Agreement 8880 Credit for Qualified Retirement Savings Contributions 8881 Credit for Small Employer Pension Plan Startup Costs A SEP is a written plan that allows you to make contributions toward your own retirement and your employees' retirement without getting involved in a more complex qualified plan. Can still e file 2011 taxes Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. Can still e file 2011 taxes A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. Can still e file 2011 taxes SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). Can still e file 2011 taxes A SEP-IRA may have to be set up for a leased employee (defined in chapter 1), but does not need to be set up for excludable employees (defined later). Can still e file 2011 taxes Eligible employee. Can still e file 2011 taxes   An eligible employee is an individual who meets all the following requirements. Can still e file 2011 taxes Has reached age 21. Can still e file 2011 taxes Has worked for you in at least 3 of the last 5 years. Can still e file 2011 taxes Has received at least $550 in compensation from you in 2013. Can still e file 2011 taxes This amount remains the same in 2014. Can still e file 2011 taxes    You can use less restrictive participation requirements than those listed, but not more restrictive ones. Can still e file 2011 taxes Excludable employees. Can still e file 2011 taxes   The following employees can be excluded from coverage under a SEP. Can still e file 2011 taxes Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Can still e file 2011 taxes Nonresident alien employees who have received no U. Can still e file 2011 taxes S. Can still e file 2011 taxes source wages, salaries, or other personal services compensation from you. Can still e file 2011 taxes For more information about nonresident aliens, see Publication 519, U. Can still e file 2011 taxes S. Can still e file 2011 taxes Tax Guide for Aliens. Can still e file 2011 taxes Setting Up a SEP There are three basic steps in setting up a SEP. Can still e file 2011 taxes You must execute a formal written agreement to provide benefits to all eligible employees. Can still e file 2011 taxes You must give each eligible employee certain information about the SEP. Can still e file 2011 taxes A SEP-IRA must be set up by or for each eligible employee. Can still e file 2011 taxes Many financial institutions will help you set up a SEP. Can still e file 2011 taxes Formal written agreement. Can still e file 2011 taxes   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. Can still e file 2011 taxes You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. Can still e file 2011 taxes However, see When not to use Form 5305-SEP, below. Can still e file 2011 taxes   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. Can still e file 2011 taxes Keep the original form. Can still e file 2011 taxes Do not file it with the IRS. Can still e file 2011 taxes Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. Can still e file 2011 taxes See the Form 5305-SEP instructions for details. Can still e file 2011 taxes If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. Can still e file 2011 taxes When not to use Form 5305-SEP. Can still e file 2011 taxes   You cannot use Form 5305-SEP if any of the following apply. Can still e file 2011 taxes You currently maintain any other qualified retirement plan other than another SEP. Can still e file 2011 taxes You have any eligible employees for whom IRAs have not been set up. Can still e file 2011 taxes You use the services of leased employees, who are not your common-law employees (as described in chapter 1). Can still e file 2011 taxes You are a member of any of the following unless all eligible employees of all the members of these groups, trades, or businesses participate under the SEP. Can still e file 2011 taxes An affiliated service group described in section 414(m). Can still e file 2011 taxes A controlled group of corporations described in section 414(b). Can still e file 2011 taxes Trades or businesses under common control described in section 414(c). Can still e file 2011 taxes You do not pay the cost of the SEP contributions. Can still e file 2011 taxes Information you must give to employees. Can still e file 2011 taxes   You must give each eligible employee a copy of Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. Can still e file 2011 taxes An IRS model SEP is not considered adopted until you give each employee this information. Can still e file 2011 taxes Setting up the employee's SEP-IRA. Can still e file 2011 taxes   A SEP-IRA must be set up by or for each eligible employee. Can still e file 2011 taxes SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. Can still e file 2011 taxes You send SEP contributions to the financial institution where the SEP-IRA is maintained. Can still e file 2011 taxes Deadline for setting up a SEP. Can still e file 2011 taxes   You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year. Can still e file 2011 taxes Credit for startup costs. Can still e file 2011 taxes   You may be able to claim a tax credit for part of the ordinary and necessary costs of starting a SEP that first became effective in 2013. Can still e file 2011 taxes For more information, see Credit for startup costs under Reminders, earlier. Can still e file 2011 taxes How Much Can I Contribute? The SEP rules permit you to contribute a limited amount of money each year to each employee's SEP-IRA. Can still e file 2011 taxes If you are self-employed, you can contribute to your own SEP-IRA. Can still e file 2011 taxes Contributions must be in the form of money (cash, check, or money order). Can still e file 2011 taxes You cannot contribute property. Can still e file 2011 taxes However, participants may be able to transfer or roll over certain property from one retirement plan to another. Can still e file 2011 taxes See Publication 590 for more information about rollovers. Can still e file 2011 taxes You do not have to make contributions every year. Can still e file 2011 taxes But if you make contributions, they must be based on a written allocation formula and must not discriminate in favor of highly compensated employees (defined in chapter 1). Can still e file 2011 taxes When you contribute, you must contribute to the SEP-IRAs of all participants who actually performed personal services during the year for which the contributions are made, including employees who die or terminate employment before the contributions are made. Can still e file 2011 taxes Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. Can still e file 2011 taxes A SEP-IRA cannot be a Roth IRA. Can still e file 2011 taxes Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Can still e file 2011 taxes Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. Can still e file 2011 taxes If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. Can still e file 2011 taxes Participants age 70½ or over must take required minimum distributions. Can still e file 2011 taxes Time limit for making contributions. Can still e file 2011 taxes   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. Can still e file 2011 taxes Contribution Limits Contributions you make for 2013 to a common-law employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000. Can still e file 2011 taxes Compensation generally does not include your contributions to the SEP. Can still e file 2011 taxes The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. Can still e file 2011 taxes Example. Can still e file 2011 taxes Your employee, Mary Plant, earned $21,000 for 2013. Can still e file 2011 taxes The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). Can still e file 2011 taxes Contributions for yourself. Can still e file 2011 taxes   The annual limits on your contributions to a common-law employee's SEP-IRA also apply to contributions you make to your own SEP-IRA. Can still e file 2011 taxes However, special rules apply when figuring your maximum deductible contribution. Can still e file 2011 taxes See Deduction Limit for Self-Employed Individuals , later. Can still e file 2011 taxes Annual compensation limit. Can still e file 2011 taxes   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. Can still e file 2011 taxes However, $51,000 is the maximum contribution for an eligible employee. Can still e file 2011 taxes These limits are $260,000 and $52,000, respectively, in 2014. Can still e file 2011 taxes Example. Can still e file 2011 taxes Your employee, Susan Green, earned $210,000 for 2013. Can still e file 2011 taxes Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. Can still e file 2011 taxes More than one plan. Can still e file 2011 taxes   If you contribute to a defined contribution plan (defined in chapter 4), annual additions to an account are limited to the lesser of $51,000 or 100% of the participant's compensation. Can still e file 2011 taxes When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. Can still e file 2011 taxes Because a SEP is considered a defined contribution plan for this limit, your contributions to a SEP must be added to your contributions to other defined contribution plans you maintain. Can still e file 2011 taxes Tax treatment of excess contributions. Can still e file 2011 taxes   Excess contributions are your contributions to an employee's SEP-IRA (or to your own SEP-IRA) for 2013 that exceed the lesser of the following amounts. Can still e file 2011 taxes 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). Can still e file 2011 taxes $51,000. Can still e file 2011 taxes Excess contributions are included in the employee's income for the year and are treated as contributions by the employee to his or her SEP-IRA. Can still e file 2011 taxes For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. Can still e file 2011 taxes Reporting on Form W-2. Can still e file 2011 taxes   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). Can still e file 2011 taxes Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. Can still e file 2011 taxes If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. Can still e file 2011 taxes Deduction Limit for Contributions for Participants The most you can deduct for your contributions to you or your employee's SEP-IRA is the lesser of the following amounts. Can still e file 2011 taxes Your contributions (including any excess contributions carryover). Can still e file 2011 taxes 25% of the compensation (limited to $255,000 per participant) paid to the participants during 2013 from the business that has the plan, not to exceed $51,000 per participant. Can still e file 2011 taxes In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. Can still e file 2011 taxes Deduction Limit for Self-Employed Individuals If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. Can still e file 2011 taxes When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment (defined in chapter 1), which takes into account both the following deductions. Can still e file 2011 taxes The deduction for the deductible part of your self-employment tax. Can still e file 2011 taxes The deduction for contributions to your own SEP-IRA. Can still e file 2011 taxes The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. Can still e file 2011 taxes For this reason, you determine the deduction for contributions to your own SEP-IRA indirectly by reducing the contribution rate called for in your plan. Can still e file 2011 taxes To do this, use the Rate Table for Self-Employed or the Rate Worksheet for Self-Employed, whichever is appropriate for your plan's contribution rate, in chapter 5. Can still e file 2011 taxes Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. Can still e file 2011 taxes Carryover of Excess SEP Contributions If you made SEP contributions that are more than the deduction limit (nondeductible contributions), you can carry over and deduct the difference in later years. Can still e file 2011 taxes However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. Can still e file 2011 taxes If you also contributed to a defined benefit plan or defined contribution plan, see Carryover of Excess Contributions under Employer Deduction in chapter 4 for the carryover limit. Can still e file 2011 taxes Excise tax. Can still e file 2011 taxes   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. Can still e file 2011 taxes For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. Can still e file 2011 taxes When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. Can still e file 2011 taxes If the SEP is maintained on a calendar year basis, you deduct the yearly contributions on your tax return for the year within which the calendar year ends. Can still e file 2011 taxes If you file your tax return and maintain the SEP using a fiscal year or short tax year, you deduct contributions made for a year on your tax return for that year. Can still e file 2011 taxes Example. Can still e file 2011 taxes You are a fiscal year taxpayer whose tax year ends June 30. Can still e file 2011 taxes You maintain a SEP on a calendar year basis. Can still e file 2011 taxes You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. Can still e file 2011 taxes Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Can still e file 2011 taxes For example, sole proprietors deduct them on Schedule C (Form 1040) or Schedule F (Form 1040), Profit or Loss From Farming; partnerships deduct them on Form 1065, U. Can still e file 2011 taxes S. Can still e file 2011 taxes Return of Partnership Income; and corporations deduct them on Form 1120, U. Can still e file 2011 taxes S. Can still e file 2011 taxes Corporation Income Tax Return, or Form 1120S, U. Can still e file 2011 taxes S. Can still e file 2011 taxes Income Tax Return for an S Corporation. Can still e file 2011 taxes Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Can still e file 2011 taxes (If you are a partner, contributions for yourself are shown on the Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Can still e file 2011 taxes , you receive from the partnership. Can still e file 2011 taxes ) Remember that sole proprietors and partners can't deduct as a business expense contributions made to a SEP for themselves, only those made for their common-law employees. Can still e file 2011 taxes Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. Can still e file 2011 taxes (See the Caution, next. Can still e file 2011 taxes ) Under a SARSEP, your employees can choose to have you contribute part of their pay to their SEP-IRAs rather than receive it in cash. Can still e file 2011 taxes This contribution is called an “elective deferral” because employees choose (elect) to set aside the money, and they defer the tax on the money until it is distributed to them. Can still e file 2011 taxes You are not allowed to set up a SARSEP after 1996. Can still e file 2011 taxes However, participants (including employees hired after 1996) in a SARSEP set up before 1997 can continue to have you contribute part of their pay to the plan. Can still e file 2011 taxes If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. Can still e file 2011 taxes Who can have a SARSEP?   A SARSEP set up before 1997 is available to you and your eligible employees only if all the following requirements are met. Can still e file 2011 taxes At least 50% of your employees eligible to participate choose to make elective deferrals. Can still e file 2011 taxes You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. Can still e file 2011 taxes The elective deferrals of your highly compensated employees meet the SARSEP ADP test. Can still e file 2011 taxes SARSEP ADP test. Can still e file 2011 taxes   Under the SARSEP ADP test, the amount deferred each year by each eligible highly compensated employee as a percentage of pay (the deferral percentage) cannot be more than 125% of the average deferral percentage (ADP) of all non-highly compensated employees eligible to participate. Can still e file 2011 taxes A highly compensated employee is defined in chapter 1. Can still e file 2011 taxes Deferral percentage. Can still e file 2011 taxes   The deferral percentage for an employee for a year is figured as follows. Can still e file 2011 taxes   The elective employer contributions (excluding certain catch-up contributions)  paid to the SEP for the employee for the year     The employee's compensation (limited to $255,000 in 2013)   The instructions for Form 5305A-SEP have a worksheet you can use to determine whether the elective deferrals of your highly compensated employees meet the SARSEP ADP test. Can still e file 2011 taxes Employee compensation. Can still e file 2011 taxes   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. Can still e file 2011 taxes Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. Can still e file 2011 taxes See Compensation in chapter 1. Can still e file 2011 taxes Elective deferrals under the SARSEP are included in figuring your employees' deferral percentage even though they are not included in the income of your employees for income tax purposes. Can still e file 2011 taxes Compensation of self-employed individuals. Can still e file 2011 taxes   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. Can still e file 2011 taxes   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. Can still e file 2011 taxes Choice not to treat deferrals as compensation. Can still e file 2011 taxes   You can choose not to treat elective deferrals (and other amounts deferred in certain employee benefit plans) for a year as compensation under your SARSEP. Can still e file 2011 taxes Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. Can still e file 2011 taxes 25% of the participant's compensation (limited to $255,000 of the participant's compensation). Can still e file 2011 taxes $17,500. Can still e file 2011 taxes The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. Can still e file 2011 taxes Cash or deferred arrangement (section 401(k) plan). Can still e file 2011 taxes Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). Can still e file 2011 taxes SIMPLE IRA plan. Can still e file 2011 taxes In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. Can still e file 2011 taxes Catch-up contributions. Can still e file 2011 taxes   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Can still e file 2011 taxes The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. Can still e file 2011 taxes Elective deferrals are not treated as catch-up contributions for 2013 until they exceed the elective deferral limit (the lesser of 25% of compensation or $17,500), the SARSEP ADP test limit discussed earlier, or the plan limit (if any). Can still e file 2011 taxes However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Can still e file 2011 taxes The catch-up contribution limit. Can still e file 2011 taxes The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. Can still e file 2011 taxes   Catch-up contributions are not subject to the elective deferral limit (the lesser of 25% of compensation or $17,500 in 2013 and in 2014). Can still e file 2011 taxes Overall limit on SEP contributions. Can still e file 2011 taxes   If you also make nonelective contributions to a SEP-IRA, the total of the nonelective and elective contributions to that SEP-IRA cannot exceed the lesser of 25% of the employee's compensation or $51,000 for 2013 ($52,000 for 2014). Can still e file 2011 taxes The same rule applies to contributions you make to your own SEP-IRA. Can still e file 2011 taxes See Contribution Limits , earlier. Can still e file 2011 taxes Figuring the elective deferral. Can still e file 2011 taxes   For figuring the 25% limit on elective deferrals, compensation does not include SEP contributions, including elective deferrals or other amounts deferred in certain employee benefit plans. Can still e file 2011 taxes Tax Treatment of Deferrals Elective deferrals that are not more than the limits discussed earlier under Limit on Elective Deferrals are excluded from your employees' wages subject to federal income tax in the year of deferral. Can still e file 2011 taxes However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. Can still e file 2011 taxes Excess deferrals. Can still e file 2011 taxes   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. Can still e file 2011 taxes For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. Can still e file 2011 taxes The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. Can still e file 2011 taxes See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. Can still e file 2011 taxes Excess SEP contributions. Can still e file 2011 taxes   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. Can still e file 2011 taxes You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. Can still e file 2011 taxes If you do not notify them within this time period, you must pay a 10% tax on the excess. Can still e file 2011 taxes For an explanation of the notification requirements, see Rev. Can still e file 2011 taxes Proc. Can still e file 2011 taxes 91-44, 1991-2 C. Can still e file 2011 taxes B. Can still e file 2011 taxes 733. Can still e file 2011 taxes If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. Can still e file 2011 taxes Reporting on Form W-2. Can still e file 2011 taxes   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. Can still e file 2011 taxes You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Can still e file 2011 taxes You must also include them in box 12. Can still e file 2011 taxes Mark the “Retirement plan” checkbox in box 13. Can still e file 2011 taxes For more information, see the Form W-2 instructions. Can still e file 2011 taxes Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. Can still e file 2011 taxes Also, you cannot make your contributions on the condition that any part of them must be kept in the account after you have made your contributions to the employee's accounts. Can still e file 2011 taxes Distributions are subject to IRA rules. Can still e file 2011 taxes Generally, you or your employee must begin to receive distributions from a SEP-IRA by April 1 of the first year after the calendar year in which you or your employee reaches age 70½. Can still e file 2011 taxes For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. Can still e file 2011 taxes Additional Taxes The tax advantages of using SEP-IRAs for retirement savings can be offset by additional taxes that may be imposed for all the following actions. Can still e file 2011 taxes Making excess contributions. Can still e file 2011 taxes Making early withdrawals. Can still e file 2011 taxes Not making required withdrawals. Can still e file 2011 taxes For information about these taxes, see chapter 1 in Publication 590. Can still e file 2011 taxes Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. Can still e file 2011 taxes Prohibited transaction. Can still e file 2011 taxes   If an employee improperly uses his or her SEP-IRA, such as by borrowing money from it, the employee has engaged in a prohibited transaction. Can still e file 2011 taxes In that case, the SEP-IRA will no longer qualify as an IRA. Can still e file 2011 taxes For a list of prohibited transactions, see Prohibited Transactions in chapter 4. Can still e file 2011 taxes Effects on employee. Can still e file 2011 taxes   If a SEP-IRA is disqualified because of a prohibited transaction, the assets in the account will be treated as having been distributed to the employee on the first day of the year in which the transaction occurred. Can still e file 2011 taxes The employee must include in income the fair market value of the assets (on the first day of the year) that is more than any cost basis in the account. Can still e file 2011 taxes Also, the employee may have to pay the additional tax for making early withdrawals. Can still e file 2011 taxes Reporting and Disclosure Requirements If you set up a SEP using Form 5305-SEP, you must give your eligible employees certain information about the SEP when you set it up. Can still e file 2011 taxes See Setting Up a SEP , earlier. Can still e file 2011 taxes Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. Can still e file 2011 taxes You must also give them notice of any excess contributions. Can still e file 2011 taxes For details about other information you must give them, see the instructions for Form 5305-SEP or Form 5305A-SEP (for a salary reduction SEP). Can still e file 2011 taxes Even if you did not use Form 5305-SEP or Form 5305A-SEP to set up your SEP, you must give your employees information similar to that described above. Can still e file 2011 taxes For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. Can still e file 2011 taxes Prev  Up  Next   Home   More Online Publications
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CREB 2007 Disclosure of Allocations
CREB 2007 Disclosure of Allocations

The Service Announces the Release of New Forms for Build America Bonds
The Tax Exempt Bonds function (TEB) of the IRS Tax Exempt and Government Entities division has released new Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds, and its instructions.

New York Liberty Zone Bonds
Guidance concerning the New York Liberty Zone business employee credit, Qualified New York Liberty Bonds, and Liberty Advance Refunding Bonds.

TIGTA Finds That Direct Pay Bond Questionnaires Were Appropriate
TIGTA Report: Build America Bond Compliance Check Program.

IRS Names Seven New Members to ACT Panel; ACT to Submit Recommendations at June Meeting
IR-2012-57, May 24, 2012 — The Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 6, when the panel will submit its latest round of recommendations.

New TEB Publication for Conduit Issuers of Tax-Exempt Bonds
Pub. 5005, inspired by TE/GE Advisory Committee, provides overview of conduit issuer responsibilities.

Page Last Reviewed or Updated: 31-Mar-2014

The Can Still E File 2011 Taxes

Can still e file 2011 taxes Publication 557 - Additional Material Table of Contents Appendix. Can still e file 2011 taxes Sample Articles of Organization, continued Organization Reference Chart Section of 1986 Code Description of organization General nature of activities Application  Form Annual return required to be  filed Contributions  allowable 501(c)(1) Corporations Organized under Act of Congress (including Federal Credit Unions) Instrumentalities of the  United States No Form None Yes, if made for exclusively public purposes 501(c)(2) Title Holding Corporation For Exempt Organization Holding title to property of an  exempt organization 1024 9901 or 990-EZ8 No2 501(c)(3) Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations Activities of nature implied by description of class of organization 1023 9901 or 990-EZ8, or 990-PF Yes, generally 501(c)(4) Civic Leagues, Social Welfare Organizations, and Local Associations of Employees Promotion of community welfare; charitable, educational, or recreational 1024 9901 or 990-EZ8 No, generally 2, 3 501(c)(5) Labor, Agricultural, and Horticultural Organizations Educational or instructive, the  purpose being to improve conditions of work, and to improve products of efficiency 1024 9901 or 990-EZ8 No2 501(c)(6) Business Leagues, Chambers of Commerce, Real Estate Boards, etc. Can still e file 2011 taxes Improvement of business  conditions of one or more lines of business 1024 9901 or 990-EZ8 No2 501(c)(7) Social and Recreational Clubs Pleasure, recreation, social activities 1024 9901 or 990-EZ8 No2 501(c)(8) Fraternal Beneficiary Societies  and Associations Lodge providing for payment of life, sickness, accident or other benefits  to members 1024 9901 or 990-EZ8 Yes, if for certain Sec. Can still e file 2011 taxes 501(c)(3) purposes 501(c)(9) Voluntary Employees Beneficiary Associations Providing for payment of life, sickness, accident, or other benefits to members 1024 9901 or 990-EZ8 No2 501(c)(10) Domestic Fraternal Societies  and Associations Lodge devoting its net earnings to charitable, fraternal, and other  specified purposes. Can still e file 2011 taxes No life, sickness, or accident benefits to members 1024 9901 or 990-EZ8 Yes, if for certain Sec. Can still e file 2011 taxes 501(c)(3) purposes 501(c)(11) Teachers' Retirement Fund Associations Teachers' association for payment of retirement benefits Letter6 9901 or 990-EZ8 No2 501(c)(12) Benevolent Life Insurance Associations, Mutual Ditch or  Irrigation Companies, Mutual or Cooperative Telephone Companies, etc. Can still e file 2011 taxes Activities of a mutually beneficial  nature similar to those implied by the description of class of organization 1024 9901 or 990-EZ8 No2 501(c)(13) Cemetery Companies Burials and incidental activities 1024 9901 or 990-EZ8 Yes, generally 501(c)(14) State-Chartered Credit Unions,  Mutual Reserve Funds Loans to members Letter6 9901 or 990-EZ8 No2 501(c)(15) Mutual Insurance Companies or Associations Providing insurance to members substantially at cost 1024 9901 or 990-EZ8 No2 501(c)(16) Cooperative Organizations to  Finance Crop Operations Financing crop operations in  conjunction with activities of a marketing  or purchasing association Form 1120-C6 9901 or 990-EZ8 No2 501(c)(17) Supplemental Unemployment  Benefit Trusts Provides for payment of  supplemental unemployment compensation benefits 1024 9901 or 990-EZ8 No2 501(c)(18) Employee Funded Pension Trust (created before June 25, 1959) Payment of benefits under a  pension plan funded by employees Letter6 9901 or 990-EZ8 No2 501(c)(19) Post or Organization of Past or  Present Members of the Armed Forces Activities implied by nature of organization 1024 9901 or 990-EZ8 No, generally7 501(c)(21) Black Lung Benefit Trusts Funded by coal mine operators to satisfy their liability for disability or  death due to black lung diseases Letter6 990-BL No4 501(c)(22) Withdrawal Liability Payment Fund To provide funds to meet the  liability of employers withdrawing from  a multi-employer pension fund Letter6 9901 or 990-EZ8 No5 501(c)(23) Veterans' Organization (created before 1880) To provide insurance and other  benefits to veterans Letter6 9901 or 990-EZ8 No, generally7 501(c)(25) Title Holding Corporations or Trusts with Multiple Parent Corporations Holding title and paying over  income from property to 35 or fewer parents or beneficiaries 1024 9901 or 990-EZ8 No 501(c)(26) State-Sponsored Organization Providing Health Coverage for High-Risk Individuals Provides health care coverage to high-risk individuals Letter6 9901 or 990-EZ8 No 501(c)(27) State-Sponsored Workers' Compensation Reinsurance Organization Reimburses members for losses  under workers' compensation acts Letter6 9901 or 990-EZ8 No 501(c)(28) National Railroad Retirement Investment Trust Manages and invests the assets of the Railroad Retirement Account No Form 99011 No11 501(c)(29) CO-OP health insurance issuers A qualified health insurance issuer which has received a loan or grant under the CO-OP program Letter and Form 871814 9901 No13 501(d) Religious and Apostolic Associations Regular business activities;  Communal religious community No Form 10659 No2 501(e) Cooperative Hospital Service Organizations Performs cooperative services for hospitals 1023 9901 or 990-EZ8 Yes 501(f) Cooperative Service Organizations  of Operating Educational Organizations Performs collective investment  services for educational organizations 1023 9901 or 990-EZ8 Yes 501(k) Child Care Organizations Provides care for children 1023 9901 or 990-EZ8 Yes 501(n) Charitable Risk Pools Pools certain insurance risks of sec. Can still e file 2011 taxes 501(c)(3) organizations 1023 9901 or 990-EZ8 Yes 501(q) Credit Counseling Organization Credit counseling services 1023 102312 No 521(a) Farmers' Cooperative Associations Cooperative marketing and  purchasing for agricultural procedures 1028 1120-C No 527 Political organizations A party, committee, fund,  association, etc. Can still e file 2011 taxes , that directly or indirectly accepts contributions or makes expenditures for political campaigns 8871 1120-POL10 9901 or 990-EZ8 No 1For exceptions to the filing requirement, see chapter 2 and the form instructions. Can still e file 2011 taxes Note: For annual tax periods beginning after 2006, most tax-exempt organizations, other than churches, are required to file an annual Form 990, 990-EZ, or 990-PF with the IRS or to submit an annual electronic notice, Form 990-N (e-Postcard), to the IRS. Can still e file 2011 taxes Tax-exempt organizations failing to file an annual return or submit an annual notice as required for 3 consecutive years will automatically lose their tax-exempt status. Can still e file 2011 taxes    2An organization exempt under a subsection of section 501 other than 501(c)(3) can establish a charitable fund, contributions to which are deductible. Can still e file 2011 taxes Such a fund must itself meet the requirements of section 501(c)(3) and the related notice requirements of section 508(a). Can still e file 2011 taxes    3Contributions to volunteer fire companies and similar organizations are deductible, but only if made for exclusively public purposes. Can still e file 2011 taxes    4Deductible as a business expense to the extent allowed by section 192. Can still e file 2011 taxes    5Deductible as a business expense to the extent allowed by section 194A. Can still e file 2011 taxes 6Application is by letter to the address shown on Form 8718. Can still e file 2011 taxes A copy of the organizing document should be attached and the letter should be signed by an officer. Can still e file 2011 taxes    7Contributions to these organizations are deductible only if 90% or more of the organization's members are war veterans. Can still e file 2011 taxes    8For limits on the use of Form 990-EZ, see chapter 2 and the general instructions for Form 990-EZ (or Form 990). Can still e file 2011 taxes    9Although the organization files a partnership return, all distributions are deemed dividends. Can still e file 2011 taxes The members are not entitled to pass through treatment of the organization's income or expenses. Can still e file 2011 taxes    10Form 1120-POL is required only if the organization has taxable income as defined in section 527(c). Can still e file 2011 taxes    11Only required to annually file so much of the Form 990 that relates to the names and addresses of the officers, directors, trustees, and key employees, and their titles, compensation, and hours devoted to their positions (Part VII of Form 990), and to complete Item I in the Heading of Form 990 to confirm its tax-exempt status under section 501(c)(28). Can still e file 2011 taxes    12See section 501(q) if the organization provides credit counseling services and seeks recognition of exemption under section 501(c)(4). Can still e file 2011 taxes Use Form 1024 if applying for recognition under section 501(c)(4). Can still e file 2011 taxes    13See section 501(c)(29) for details. Can still e file 2011 taxes    14See Revenue Procedure 2012-11, sec. Can still e file 2011 taxes 4. Can still e file 2011 taxes 01, 2012-7 I. Can still e file 2011 taxes R. Can still e file 2011 taxes B. Can still e file 2011 taxes 368, for details. Can still e file 2011 taxes Appendix. Can still e file 2011 taxes Sample Articles of Organization The following are examples of Articles of Incorporation (Draft A) and a declaration of trust (Draft B) that contain the required information as to purposes and powers of an organization and disposition of its assets upon dissolution. Can still e file 2011 taxes You should bear in mind that requirements for these instruments may vary under applicable state law. Can still e file 2011 taxes See Private Foundations and Public Charities , earlier for the special provisions required in a private foundation's governing instrument in order for it to qualify for exemption. Can still e file 2011 taxes DRAFT A  Articles of Incorporation of the undersigned, a majority of whom are citizens of the United States, desiring to form a Non-Profit Corporation under the Non-Profit Corporation Law of , do hereby certify: First: The name of the Corporation shall be . Can still e file 2011 taxes Second: The place in this state where the principal office of the Corporation is to be located is the City of , County. Can still e file 2011 taxes Third: Said corporation is organized exclusively for charitable, religious, educational, and scientific purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Can still e file 2011 taxes Fourth: The names and addresses of the persons who are the initial trustees of the corporation are as follows: Name , Address Fifth: No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to its members, trustees, officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Article Third hereof. Can still e file 2011 taxes No substantial part of the activities of the corporation shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of or in opposition to any candidate for public office. Can still e file 2011 taxes Notwithstanding any other provision of these articles, the corporation shall not carry on any other activities not permitted to be carried on (a) by a corporation exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or (b) by a corporation, contributions to which are deductible under section 170(c)(2) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Can still e file 2011 taxes   If reference to federal law in articles of incorporation imposes a limitation that is invalid in your state, you may wish to substitute the following for the last sentence of the preceding paragraph: “Notwithstanding any other provision of these articles, this corporation shall not, except to an insubstantial degree, engage in any activities or exercise any powers that are not in furtherance of the purposes of this corporation. Can still e file 2011 taxes ” Sixth: Upon the dissolution of the corporation, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. Can still e file 2011 taxes Any such assets not so disposed of shall be disposed of by a Court of Competent Jurisdiction of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organization or organizations, as said Court shall determine, which are organized and operated exclusively for such purposes. Can still e file 2011 taxes   In witness whereof, we have hereunto subscribed our names this day of , 20. Can still e file 2011 taxes Appendix. Can still e file 2011 taxes Sample Articles of Organization, continued Draft B The Charitable Trust. Can still e file 2011 taxes Declaration of Trust made as of the day of , 20 , by , of , and , of , who hereby declare and agree that they have received this day from , as Donor, the sum of Ten Dollars ($10) and that they will hold and manage the same, and any additions to it, in trust, as follows: First: This trust shall be called “The Charitable Trust. Can still e file 2011 taxes ” Second: The trustees may receive and accept property, whether real, personal, or mixed, by way of gift, bequest, or devise, from any person, firm, trust, or corporation, to be held, administered, and disposed of in accordance with and pursuant to the provisions of this Declaration of Trust; but no gift, bequest, or devise of any such property shall be received and accepted if it is conditioned or limited in such manner as to require the disposition of the income or its principal to any person or organization other than a “charitable organization” or for other than “charitable purposes” within the meaning of such terms as defined in Article Third of this Declaration of Trust, or as shall, in the opinion of the trustees, jeopardize the federal income tax exemption of this trust pursuant to section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Can still e file 2011 taxes Third: a) The principal and income of all property received and accepted by the trustees to be administered under this Declaration of Trust shall be held in trust by them, and the trustees may make payments or distributions from income or principal, or both, to or for the use of such charitable organizations, within the meaning of that term as defined in paragraph C, in such amounts and for such charitable purposes of the trust as the trustees shall from time to time select and determine; and the trustees may make payments or distributions from income or principal, or both, directly for such charitable purposes, within the meaning of that term as defined in paragraph D, in such amounts as the trustees shall from time to time select and determine without making use of any other charitable organization. Can still e file 2011 taxes The trustees may also make payments or distributions of all or any part of the income or principal to states, territories, or possessions of the United States, any political subdivision of any of the foregoing, or to the United States or the District of Columbia but only for charitable purposes within the meaning of that term as defined in paragraph D. Can still e file 2011 taxes Income or principal derived from contributions by corporations shall be distributed by the trustees for use solely within the United States or its possessions. Can still e file 2011 taxes No part of the net earnings of this trust shall inure or be payable to or for the benefit of any private shareholder or individual, and no substantial part of the activities of this trust shall be the carrying on of propaganda, or otherwise attempting to influence legislation. Can still e file 2011 taxes No part of the activities of this trust shall be the participation in, or intervention in (including the publishing or distributing of statements), any political campaign on behalf of or in opposition to any candidate for public office. Can still e file 2011 taxes b) The trust shall continue forever unless the trustees terminate it and distribute all of the principal and income, which action may be taken by the trustees in their discretion at any time. Can still e file 2011 taxes On such termination, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government, for a public purpose. Can still e file 2011 taxes The donor authorizes and empowers the trustees to form and organize a nonprofit corporation limited to the uses and purposes provided for in this Declaration of Trust, such corporation to be organized under the laws of any state or under the laws of the United States as may be determined by the trustees; such corporation when organized to have power to administer and control the affairs and property and to carry out the uses, objects, and purposes of this trust. Can still e file 2011 taxes Upon the creation and organization of such corporation, the trustees are authorized and empowered to convey, transfer, and deliver to such corporation all the property and assets to which this trust may be or become entitled. Can still e file 2011 taxes The charter, bylaws, and other provisions for the organization and management of such corporation and its affairs and property shall be such as the trustees shall determine, consistent with the provisions of this paragraph. Can still e file 2011 taxes c) In this Declaration of Trust and in any amendments to it, references to “charitable organizations” or “charitable organization” mean corporations, trusts, funds, foundations, or community chests created or organized in the United States or in any of its possessions, whether under the laws of the United States, any state or territory, the District of Columbia, or any possession of the United States, organized and operated exclusively for charitable purposes, no part of the net earnings of which inures or is payable to or for the benefit of any private shareholder or individual, and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting to influence legislation, and which do not participate in or intervene in (including the publishing or distributing of statements) any political campaign on behalf of or in opposition to any candidate for public office. Can still e file 2011 taxes It is intended that the organization described in this paragraph C shall be entitled to exemption from federal income tax under section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Can still e file 2011 taxes d) In this Declaration of Trust and in any amendments to it, the term “charitable purposes” shall be limited to and shall include only religious, charitable, scientific, literary, or educational purposes within the meaning of those terms as used in section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code, but only such purposes as also constitute public charitable purposes under the law of trusts of the State of. Can still e file 2011 taxes Fourth: This Declaration of Trust may be amended at any time or times by written instrument or instruments signed and sealed by the trustees, and acknowledged by any of the trustees, provided that no amendment shall authorize the trustees to conduct the affairs of this trust in any manner or for any purpose contrary to the provisions of section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future federal tax code. Can still e file 2011 taxes An amendment of the provisions of this Article Fourth (or any amendment to it) shall be valid only if and to the extent that such amendment further restricts the trustees' amending power. Can still e file 2011 taxes All instruments amending this Declaration of Trust shall be noted upon or kept attached to the executed original of this Declaration of Trust held by the trustees. Can still e file 2011 taxes Fifth: Any trustee under this Declaration of Trust may, by written instrument, signed and acknowledged, resign his office. Can still e file 2011 taxes The number of trustees shall be at all times not less than two, and whenever for any reason the number is reduced to one, there shall be, and at any other time there may be, appointed one or more additional trustees. Can still e file 2011 taxes Appointments shall be made by the trustee or trustees for the time in office by written instruments signed and acknowledged. Can still e file 2011 taxes Any succeeding or additional trustee shall, upon his or her acceptance of the office by written instrument signed and acknowledged, have the same powers, rights, and duties, and the same title to the trust estate jointly with the surviving or remaining trustee or trustees as if originally appointed. Can still e file 2011 taxes  None of the trustees shall be required to furnish any bond or surety. Can still e file 2011 taxes None of them shall be responsible or liable for the acts or omissions of any other of the trustees or of any predecessor or of a custodian, agent, depositary, or counsel selected with reasonable care. Can still e file 2011 taxes  The one or more trustees, whether original or successor, for the time being in office, shall have full authority to act even though one or more vacancies may exist. Can still e file 2011 taxes A trustee may, by appropriate written instrument, delegate all or any part of his or her powers to another or others of the trustees for such periods and subject to such conditions as such delegating trustee may determine. Can still e file 2011 taxes  The trustees serving under this Declaration of Trust are authorized to pay to themselves amounts for reasonable expenses incurred and reasonable compensation for services rendered in the administration of this trust, but in no event shall any trustee who has made a contribution to this trust ever receive any compensation thereafter. Can still e file 2011 taxes Sixth: In extension and not in limitation of the common law and statutory powers of trustees and other powers granted in this Declaration of Trust, the trustees shall have the following discretionary powers. Can still e file 2011 taxes a) To invest and reinvest the principal and income of the trust in such property, real, personal, or mixed, and in such manner as they shall deem proper, and from time to time to change investments as they shall deem advisable; to invest in or retain any stocks, shares, bonds, notes, obligations, or personal or real property (including without limitation any interests in or obligations of any corporation, association, business trust, investment trust, common trust fund, or investment company) although some or all of the property so acquired or retained is of a kind or size which but for this express authority would not be considered proper and although all of the trust funds are invested in the securities of one company. Can still e file 2011 taxes No principal or income, however, shall be loaned, directly or indirectly, to any trustee or to anyone else, corporate or otherwise, who has at any time made a contribution to this trust, nor to anyone except on the basis of an adequate interest charge and with adequate security. Can still e file 2011 taxes b) To sell, lease, or exchange any personal, mixed, or real property, at public auction or by private contract, for such consideration and on such terms as to credit or otherwise, and to make such contracts and enter into such undertakings relating to the trust property, as they consider advisable, whether or not such leases or contracts may extend beyond the duration of the trust. Can still e file 2011 taxes c) To borrow money for such periods, at such rates of interest, and upon such terms as the trustees consider advisable, and as security for such loans to mortgage or pledge any real or personal property with or without power of sale; to acquire or hold any real or personal property, subject to any mortgage or pledge on or of property acquired or held by this trust. Can still e file 2011 taxes d) To execute and deliver deeds, assignments, transfers, mortgages, pledges, leases, covenants, contracts, promissory notes, releases, and other instruments, sealed or unsealed, incident to any transaction in which they engage. Can still e file 2011 taxes e) To vote, to give proxies, to participate in the reorganization, merger, or consolidation of any concern, or in the sale, lease, disposition, or distribution of its assets; to join with other security holders in acting through a committee, depositary, voting trustees, or otherwise, and in this connection to delegate authority to such committee, depositary, or trustees and to deposit securities with them or transfer securities to them; to pay assessments levied on securities or to exercise subscription rights in respect of securities. Can still e file 2011 taxes f) To employ a bank or trust company as custodian of any funds or securities and to delegate to it such powers as they deem appropriate; to hold trust property without indication of fiduciary capacity but only in the name of a registered nominee, provided the trust property is at all times identified as such on the books of the trust; to keep any or all of the trust property or funds in any place or places in the United States of America; to employ clerks, accountants, investment counsel, investment agents, and any special services, and to pay the reasonable compensation and expenses of all such services in addition to the compensation of the trustees. Can still e file 2011 taxes Seventh: The trustees' powers are exercisable solely in the fiduciary capacity consistent with and in furtherance of the charitable purposes of this trust as specified in Article Third and not otherwise. Can still e file 2011 taxes Eighth: In this Declaration of Trust and in any amendment to it, references to “trustees” mean the one or more trustees, whether original or successor, for the time being in office. Can still e file 2011 taxes Ninth: Any person may rely on a copy, certified by a notary public, of the executed original of this Declaration of Trust held by the trustees, and of any of the notations on it and writings attached to it, as fully as he might rely on the original documents themselves. Can still e file 2011 taxes Any such person may rely fully on any statements of fact certified by anyone who appears from such original documents or from such certified copy to be a trustee under this Declaration of Trust. Can still e file 2011 taxes No one dealing with the trustees need inquire concerning the validity of anything the trustees purport to do. Can still e file 2011 taxes No one dealing with the trustees need see to the application of anything paid or transferred to or upon the order of the trustees of the trust. Can still e file 2011 taxes Tenth: This Declaration of Trust is to be governed in all respects by the laws of the State of . Can still e file 2011 taxes Trustee Trustee Prev  Up  Next   Home   More Online Publications