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What TPAs Need to Know About Prohibited Transactions

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What TPAs Need to Know About Prohibited Transactions
Presented by: Janice Smith, Manager of Employee Plan groups for the IRS
Presentation Date: Wednesday, April 6, 2016
11:00 a.m. – 12:40 p.m. CT
Continuing Education Credits: 2 NIPA CPE; 2 ERPA CPE 

TPAs are well-versed in the daily activities of data gathering, compliance testing, distribution processing, and reporting and disclosures.  On the “trust” side of things, however, are those pesky situations called “prohibited transactions” that are, well, prohibited.  What exactly are prohibited transactions?  As TPAs, what do we need to know about them and what do we do when we come across one or more of these transactions in a qualified plan?

In this NIPA webcast, Janice L. Smith of the IRS will examine:

  • What transactions are prohibited under Code Section 4975
  • Who is a disqualified person (vs. a "party-in-interest" under the DOL rules)
  • What are the consequences of engaging in a prohibited transaction (such as the excise tax, who is subject to the tax, the period(s) which the tax applies; Form 5330, and reporting on the Form 5500 return)
  • Examples of common prohibited transactions
  • Calculations of the "amount involved" and the excise tax
  • Best practices for avoiding prohibited transactions
  • Common statutory and administrative exemptions
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