Pension Group Urges IRS to Ensure Plan Trust EINs Not Canceled by Rules

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IRS should take steps to ensure that the employee identification numbers of retirement plan trusts are not canceled as it works to finalize rules (REG-135491-10) requiring updated information for those holding the numbers, a national pension group says. The proposed rules were unveiled in March, in an effort to maintain correct ownership details and curb tax abuse schemes. The rules would require any person issued an EIN to provide updated information to the government on a regular basis, although IRS said it would not specify the manner or frequency of the updates until it issues final guidance. The American Society of Pension Professionals & Actuaries urges IRS to “use the authority contemplated by the proposal to solicit and maintain information on the active status of a trust associated with a qualified retirement plan.”