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Taxact 2010 free 2. Taxact 2010 free   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. Taxact 2010 free 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. Taxact 2010 free Deferral percentage. Taxact 2010 free Employee compensation. Taxact 2010 free Compensation of self-employed individuals. Taxact 2010 free Choice not to treat deferrals as compensation. Taxact 2010 free Limit on Elective Deferrals Tax Treatment of Deferrals Distributions (Withdrawals) Additional TaxesEffects on employee. Taxact 2010 free 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. Taxact 2010 free S. Taxact 2010 free 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. Taxact 2010 free Under a SEP, you make contributions to a traditional individual retirement arrangement (called a SEP-IRA) set up by or for each eligible employee. Taxact 2010 free A SEP-IRA is owned and controlled by the employee, and you make contributions to the financial institution where the SEP-IRA is maintained. Taxact 2010 free SEP-IRAs are set up for, at a minimum, each eligible employee (defined below). Taxact 2010 free 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). Taxact 2010 free Eligible employee. Taxact 2010 free   An eligible employee is an individual who meets all the following requirements. Taxact 2010 free Has reached age 21. Taxact 2010 free Has worked for you in at least 3 of the last 5 years. Taxact 2010 free Has received at least $550 in compensation from you in 2013. Taxact 2010 free This amount remains the same in 2014. Taxact 2010 free    You can use less restrictive participation requirements than those listed, but not more restrictive ones. Taxact 2010 free Excludable employees. Taxact 2010 free   The following employees can be excluded from coverage under a SEP. Taxact 2010 free Employees covered by a union agreement and whose retirement benefits were bargained for in good faith by the employees' union and you. Taxact 2010 free Nonresident alien employees who have received no U. Taxact 2010 free S. Taxact 2010 free source wages, salaries, or other personal services compensation from you. Taxact 2010 free For more information about nonresident aliens, see Publication 519, U. Taxact 2010 free S. Taxact 2010 free Tax Guide for Aliens. Taxact 2010 free Setting Up a SEP There are three basic steps in setting up a SEP. Taxact 2010 free You must execute a formal written agreement to provide benefits to all eligible employees. Taxact 2010 free You must give each eligible employee certain information about the SEP. Taxact 2010 free A SEP-IRA must be set up by or for each eligible employee. Taxact 2010 free Many financial institutions will help you set up a SEP. Taxact 2010 free Formal written agreement. Taxact 2010 free   You must execute a formal written agreement to provide benefits to all eligible employees under a SEP. Taxact 2010 free You can satisfy the written agreement requirement by adopting an IRS model SEP using Form 5305-SEP. Taxact 2010 free However, see When not to use Form 5305-SEP, below. Taxact 2010 free   If you adopt an IRS model SEP using Form 5305-SEP, no prior IRS approval or determination letter is required. Taxact 2010 free Keep the original form. Taxact 2010 free Do not file it with the IRS. Taxact 2010 free Also, using Form 5305-SEP will usually relieve you from filing annual retirement plan information returns with the IRS and the Department of Labor. Taxact 2010 free See the Form 5305-SEP instructions for details. Taxact 2010 free If you choose not to use Form 5305-SEP, you should seek professional advice in adopting a SEP. Taxact 2010 free When not to use Form 5305-SEP. Taxact 2010 free   You cannot use Form 5305-SEP if any of the following apply. Taxact 2010 free You currently maintain any other qualified retirement plan other than another SEP. Taxact 2010 free You have any eligible employees for whom IRAs have not been set up. Taxact 2010 free You use the services of leased employees, who are not your common-law employees (as described in chapter 1). Taxact 2010 free 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. Taxact 2010 free An affiliated service group described in section 414(m). Taxact 2010 free A controlled group of corporations described in section 414(b). Taxact 2010 free Trades or businesses under common control described in section 414(c). Taxact 2010 free You do not pay the cost of the SEP contributions. Taxact 2010 free Information you must give to employees. Taxact 2010 free   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. Taxact 2010 free An IRS model SEP is not considered adopted until you give each employee this information. Taxact 2010 free Setting up the employee's SEP-IRA. Taxact 2010 free   A SEP-IRA must be set up by or for each eligible employee. Taxact 2010 free SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. Taxact 2010 free You send SEP contributions to the financial institution where the SEP-IRA is maintained. Taxact 2010 free Deadline for setting up a SEP. Taxact 2010 free   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. Taxact 2010 free Credit for startup costs. Taxact 2010 free   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. Taxact 2010 free For more information, see Credit for startup costs under Reminders, earlier. Taxact 2010 free 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. Taxact 2010 free If you are self-employed, you can contribute to your own SEP-IRA. Taxact 2010 free Contributions must be in the form of money (cash, check, or money order). Taxact 2010 free You cannot contribute property. Taxact 2010 free However, participants may be able to transfer or roll over certain property from one retirement plan to another. Taxact 2010 free See Publication 590 for more information about rollovers. Taxact 2010 free You do not have to make contributions every year. Taxact 2010 free 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). Taxact 2010 free 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. Taxact 2010 free Contributions are deductible within limits, as discussed later, and generally are not taxable to the plan participants. Taxact 2010 free A SEP-IRA cannot be a Roth IRA. Taxact 2010 free Employer contributions to a SEP-IRA will not affect the amount an individual can contribute to a Roth or traditional IRA. Taxact 2010 free Unlike regular contributions to a traditional IRA, contributions under a SEP can be made to participants over age 70½. Taxact 2010 free If you are self-employed, you can also make contributions under the SEP for yourself even if you are over 70½. Taxact 2010 free Participants age 70½ or over must take required minimum distributions. Taxact 2010 free Time limit for making contributions. Taxact 2010 free   To deduct contributions for a year, you must make the contributions by the due date (including extensions) of your tax return for the year. Taxact 2010 free 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. Taxact 2010 free Compensation generally does not include your contributions to the SEP. Taxact 2010 free The SEP plan document will specify how the employer contribution is determined and how it will be allocated to participants. Taxact 2010 free Example. Taxact 2010 free Your employee, Mary Plant, earned $21,000 for 2013. Taxact 2010 free The maximum contribution you can make to her SEP-IRA is $5,250 (25% x $21,000). Taxact 2010 free Contributions for yourself. Taxact 2010 free   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. Taxact 2010 free However, special rules apply when figuring your maximum deductible contribution. Taxact 2010 free See Deduction Limit for Self-Employed Individuals , later. Taxact 2010 free Annual compensation limit. Taxact 2010 free   You cannot consider the part of an employee's compensation over $255,000 when figuring your contribution limit for that employee. Taxact 2010 free However, $51,000 is the maximum contribution for an eligible employee. Taxact 2010 free These limits are $260,000 and $52,000, respectively, in 2014. Taxact 2010 free Example. Taxact 2010 free Your employee, Susan Green, earned $210,000 for 2013. Taxact 2010 free Because of the maximum contribution limit for 2013, you can only contribute $51,000 to her SEP-IRA. Taxact 2010 free More than one plan. Taxact 2010 free   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. Taxact 2010 free When you figure this limit, you must add your contributions to all defined contribution plans maintained by you. Taxact 2010 free 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. Taxact 2010 free Tax treatment of excess contributions. Taxact 2010 free   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. Taxact 2010 free 25% of the employee's compensation (or, for you, 20% of your net earnings from self-employment). Taxact 2010 free $51,000. Taxact 2010 free 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. Taxact 2010 free For more information on employee tax treatment of excess contributions, see chapter 1 in Publication 590. Taxact 2010 free Reporting on Form W-2. Taxact 2010 free   Do not include SEP contributions on your employee's Form W-2 unless contributions were made under a salary reduction arrangement (discussed later). Taxact 2010 free Deducting Contributions Generally, you can deduct the contributions you make each year to each employee's SEP-IRA. Taxact 2010 free If you are self-employed, you can deduct the contributions you make each year to your own SEP-IRA. Taxact 2010 free 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. Taxact 2010 free Your contributions (including any excess contributions carryover). Taxact 2010 free 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. Taxact 2010 free In 2014, the amounts in (2) above are $260,000 and $52,000, respectively. Taxact 2010 free 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. Taxact 2010 free 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. Taxact 2010 free The deduction for the deductible part of your self-employment tax. Taxact 2010 free The deduction for contributions to your own SEP-IRA. Taxact 2010 free The deduction for contributions to your own SEP-IRA and your net earnings depend on each other. Taxact 2010 free 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. Taxact 2010 free 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. Taxact 2010 free Then figure your maximum deduction by using the Deduction Worksheet for Self-Employed in chapter 5. Taxact 2010 free 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. Taxact 2010 free However, the carryover, when combined with the contribution for the later year, is subject to the deduction limit for that year. Taxact 2010 free 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. Taxact 2010 free Excise tax. Taxact 2010 free   If you made nondeductible (excess) contributions to a SEP, you may be subject to a 10% excise tax. Taxact 2010 free For information about the excise tax, see Excise Tax for Nondeductible (Excess) Contributions under Employer Deduction in chapter 4. Taxact 2010 free When To Deduct Contributions When you can deduct contributions made for a year depends on the tax year on which the SEP is maintained. Taxact 2010 free 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. Taxact 2010 free 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. Taxact 2010 free Example. Taxact 2010 free You are a fiscal year taxpayer whose tax year ends June 30. Taxact 2010 free You maintain a SEP on a calendar year basis. Taxact 2010 free You deduct SEP contributions made for calendar year 2013 on your tax return for your tax year ending June 30, 2014. Taxact 2010 free Where To Deduct Contributions Deduct the contributions you make for your common-law employees on your tax return. Taxact 2010 free 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. Taxact 2010 free S. Taxact 2010 free Return of Partnership Income; and corporations deduct them on Form 1120, U. Taxact 2010 free S. Taxact 2010 free Corporation Income Tax Return, or Form 1120S, U. Taxact 2010 free S. Taxact 2010 free Income Tax Return for an S Corporation. Taxact 2010 free Sole proprietors and partners deduct contributions for themselves on line 28 of Form 1040. Taxact 2010 free (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. Taxact 2010 free , you receive from the partnership. Taxact 2010 free ) 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. Taxact 2010 free Salary Reduction Simplified Employee Pensions (SARSEPs) A SARSEP is a SEP set up before 1997 that includes a salary reduction arrangement. Taxact 2010 free (See the Caution, next. Taxact 2010 free ) 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. Taxact 2010 free 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. Taxact 2010 free You are not allowed to set up a SARSEP after 1996. Taxact 2010 free 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. Taxact 2010 free If you are interested in setting up a retirement plan that includes a salary reduction arrangement, see chapter 3. Taxact 2010 free 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. Taxact 2010 free At least 50% of your employees eligible to participate choose to make elective deferrals. Taxact 2010 free You have 25 or fewer employees who were eligible to participate in the SEP at any time during the preceding year. Taxact 2010 free The elective deferrals of your highly compensated employees meet the SARSEP ADP test. Taxact 2010 free SARSEP ADP test. Taxact 2010 free   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. Taxact 2010 free A highly compensated employee is defined in chapter 1. Taxact 2010 free Deferral percentage. Taxact 2010 free   The deferral percentage for an employee for a year is figured as follows. Taxact 2010 free   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. Taxact 2010 free Employee compensation. Taxact 2010 free   For figuring the deferral percentage, compensation is generally the amount you pay to the employee for the year. Taxact 2010 free Compensation includes the elective deferral and other amounts deferred in certain employee benefit plans. Taxact 2010 free See Compensation in chapter 1. Taxact 2010 free 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. Taxact 2010 free Compensation of self-employed individuals. Taxact 2010 free   If you are self-employed, compensation is your net earnings from self-employment as defined in chapter 1. Taxact 2010 free   Compensation does not include tax-free items (or deductions related to them) other than foreign earned income and housing cost amounts. Taxact 2010 free Choice not to treat deferrals as compensation. Taxact 2010 free   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. Taxact 2010 free Limit on Elective Deferrals The most a participant can choose to defer for calendar year 2013 is the lesser of the following amounts. Taxact 2010 free 25% of the participant's compensation (limited to $255,000 of the participant's compensation). Taxact 2010 free $17,500. Taxact 2010 free The $17,500 limit applies to the total elective deferrals the employee makes for the year to a SEP and any of the following. Taxact 2010 free Cash or deferred arrangement (section 401(k) plan). Taxact 2010 free Salary reduction arrangement under a tax-sheltered annuity plan (section 403(b) plan). Taxact 2010 free SIMPLE IRA plan. Taxact 2010 free In 2014, the $255,000 limit increases to $260,000 and the $17,500 limit remains at $17,500. Taxact 2010 free Catch-up contributions. Taxact 2010 free   A SARSEP can permit participants who are age 50 or over at the end of the calendar year to also make catch-up contributions. Taxact 2010 free The catch-up contribution limit for 2013 is $5,500 and remains at $5,500 for 2014. Taxact 2010 free 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). Taxact 2010 free However, the catch-up contribution a participant can make for a year cannot exceed the lesser of the following amounts. Taxact 2010 free The catch-up contribution limit. Taxact 2010 free The excess of the participant's compensation over the elective deferrals that are not catch-up contributions. Taxact 2010 free   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). Taxact 2010 free Overall limit on SEP contributions. Taxact 2010 free   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). Taxact 2010 free The same rule applies to contributions you make to your own SEP-IRA. Taxact 2010 free See Contribution Limits , earlier. Taxact 2010 free Figuring the elective deferral. Taxact 2010 free   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. Taxact 2010 free 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. Taxact 2010 free However, these deferrals are included in wages for social security, Medicare, and federal unemployment (FUTA) tax. Taxact 2010 free Excess deferrals. Taxact 2010 free   For 2013, excess deferrals are the elective deferrals for the year that are more than the $17,500 limit discussed earlier. Taxact 2010 free For a participant who is eligible to make catch-up contributions, excess deferrals are the elective deferrals that are more than $23,000. Taxact 2010 free The treatment of excess deferrals made under a SARSEP is similar to the treatment of excess deferrals made under a qualified plan. Taxact 2010 free See Treatment of Excess Deferrals under Elective Deferrals (401(k) Plans) in chapter 4. Taxact 2010 free Excess SEP contributions. Taxact 2010 free   Excess SEP contributions are elective deferrals of highly compensated employees that are more than the amount permitted under the SARSEP ADP test. Taxact 2010 free You must notify your highly compensated employees within 2½ months after the end of the plan year of their excess SEP contributions. Taxact 2010 free If you do not notify them within this time period, you must pay a 10% tax on the excess. Taxact 2010 free For an explanation of the notification requirements, see Rev. Taxact 2010 free Proc. Taxact 2010 free 91-44, 1991-2 C. Taxact 2010 free B. Taxact 2010 free 733. Taxact 2010 free If you adopted a SARSEP using Form 5305A-SEP, the notification requirements are explained in the instructions for that form. Taxact 2010 free Reporting on Form W-2. Taxact 2010 free   Do not include elective deferrals in the “Wages, tips, other compensation” box of Form W-2. Taxact 2010 free You must, however, include them in the “Social security wages” and “Medicare wages and tips” boxes. Taxact 2010 free You must also include them in box 12. Taxact 2010 free Mark the “Retirement plan” checkbox in box 13. Taxact 2010 free For more information, see the Form W-2 instructions. Taxact 2010 free Distributions (Withdrawals) As an employer, you cannot prohibit distributions from a SEP-IRA. Taxact 2010 free 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. Taxact 2010 free Distributions are subject to IRA rules. Taxact 2010 free 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. Taxact 2010 free For more information about IRA rules, including the tax treatment of distributions, rollovers, required distributions, and income tax withholding, see Publication 590. Taxact 2010 free 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. Taxact 2010 free Making excess contributions. Taxact 2010 free Making early withdrawals. Taxact 2010 free Not making required withdrawals. Taxact 2010 free For information about these taxes, see chapter 1 in Publication 590. Taxact 2010 free Also, a SEP-IRA may be disqualified, or an excise tax may apply, if the account is involved in a prohibited transaction, discussed next. Taxact 2010 free Prohibited transaction. Taxact 2010 free   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. Taxact 2010 free In that case, the SEP-IRA will no longer qualify as an IRA. Taxact 2010 free For a list of prohibited transactions, see Prohibited Transactions in chapter 4. Taxact 2010 free Effects on employee. Taxact 2010 free   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. Taxact 2010 free 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. Taxact 2010 free Also, the employee may have to pay the additional tax for making early withdrawals. Taxact 2010 free 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. Taxact 2010 free See Setting Up a SEP , earlier. Taxact 2010 free Also, you must give your eligible employees a statement each year showing any contributions to their SEP-IRAs. Taxact 2010 free You must also give them notice of any excess contributions. Taxact 2010 free 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). Taxact 2010 free 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. Taxact 2010 free For more information, see the instructions for either Form 5305-SEP or Form 5305A-SEP. Taxact 2010 free Prev  Up  Next   Home   More Online Publications
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Committee for the Implementation of Textile Agreements

The Committee for the Implementation of Textile Agreements is responsible for matters affecting textile trade policy, and for supervising the implementation of all textile trade agreements.

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Taxact 2010 free Publication 595 - Introductory Material Table of Contents Introduction Important Reminder Introduction This publication discusses the Capital Construction Fund (CCF). Taxact 2010 free The CCF is a special investment program administered by the National Marine Fisheries Service (NMFS) and the Internal Revenue Service (IRS). Taxact 2010 free This program allows fishermen to defer paying income tax on certain income they invest in a CCF account and later use to acquire, build, or rebuild fishing vessels. Taxact 2010 free This publication does not discuss all the tax rules that may apply to your fishing trade or business. Taxact 2010 free For general information about the federal tax laws that apply to individuals, including commercial fishermen, who file Schedule C or C-EZ, see Publication 334, Tax Guide for Small Business. Taxact 2010 free If your trade or business is a partnership or corporation, see Publication 541, Partnerships, or Publication 542, Corporations. Taxact 2010 free Comments and suggestions. Taxact 2010 free   We welcome your comments about this publication and your suggestions for future editions. Taxact 2010 free   You can email us at *taxforms@irs. Taxact 2010 free gov. Taxact 2010 free Please put “Publications Comment” on the subject line. Taxact 2010 free   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Taxact 2010 free NW, IR-6406 Washington, DC 20224   We respond to many letters by telephone. Taxact 2010 free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxact 2010 free Important Reminder Photographs of missing children. Taxact 2010 free  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxact 2010 free Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxact 2010 free You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxact 2010 free Prev  Up  Next   Home   More Online Publications