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Key employee, in U.S. Internal Revenue Service (IRS) terminology, is an employee classification used when determining if company-sponsored qualified retirement plans, including 401(a) defined benefit plans and 401(k)s, are considered "top-heavy" or, in other words, weighted towards the company's more highly compensated individuals. [1]
2022 revision of Form 990. Form 990 (officially, the "Return of Organization Exempt From Income Tax" [1]) is a United States Internal Revenue Service (IRS) form that provides the public with information about a nonprofit organization. [2] It is also used by government agencies to prevent organizations from abusing their tax-exempt status. [3]
If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
The Form 5500, Annual Return/Report of Employee Benefit Plan, was developed jointly by the IRS, United States Department of Labor, and Pension Benefit Guaranty Corporation to satisfy filing requirements both under the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act (ERISA). The Form 5500 is an important compliance ...
Deferred compensation is only available to employees of public entities, senior management, and other highly compensated employees of companies. Although DC is not restricted to public companies, there must be a serious risk that a key employee could leave for a competitor, and deferred comp is a "sweetener" to try to entice them to stay.
Key man insurance is a type of life insurance policy that companies purchase on the life of a founder, owner or critical employee. It’s also called key person or key employee insurance.
The same public inspection requirement applies to the organization's annual return, namely its Form 990, Form 990-EZ, Form 990-PF, Form 990-T, and Form 1065, including any attachments, supporting documents, and follow-up correspondence with the Internal Revenue Service, with the exception of the names and addresses of donors on Schedule B. [35 ...
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