E-Alert
March 31 , 2010
Timely Deposit of 401(k) Contributions
Are you depositing withheld funds to your employee 401(k) plans on time?
Under regulations that recently took effect, businesses with fewer than 100 workers will not be subject to penalties as long as the withheld amounts are deposited in workers' accounts within seven business days. Larger businesses must still make payments as soon as the amounts can reasonably be determined, but no later than the 15th business day after the end of the month. The new seven-day rule for smaller businesses should make it easier to determine when contributions to 401(k) plans are required.If you have any questions regarding the information in this article, or have any other issues you would like to discuss, please feel free to contact the DZH Phillips tax department at 415.781.2500 or email cpas@dzhphillips.com.
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DZH Phillips LLP is one of the leading public accounting and strategic consulting firms in the San Francisco Bay Area. We provide the long-term relationships, industry expertise, and consistently high-quality service our clients need to make the right decisions today and in the future.
To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained herein (including any enclosures or attachments) was not intended or written to be used, and cannot be used, by the taxpayer for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code or applicable state or local law provisions.
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