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Company Pension reporting to IRS
Hi David,
I read 2003-57 and note that in one of your commentaries you mention company pensions must be report to the US IRS. Did I read this right?
If so, I do not find company pensions specifically mentioned in 2003-57. Have I missed something? How would one report such an animal? Simply by what I and the company contributed up to end of 2002?
Whatever light you can shed is appreciated. With thanks, JXXXXXX MXXXXXXXX
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david ingram replies:
Tough reading but an easy answer. A company pension that you do NOT contribute to is not reportable. However, if you are making contributions of any sort to it out of your personal money, you rmust report a company pension just as you report an RRSP.
This was covered in one of the first comments I made on the subject and confirmed to me personally by phone by either Willard Yates or Amanda Ehrlich who actually wrote REV.PROC 2002-23 and NOTICE 2003-25, and 2003-57.
So, if you are a contributor to the comapny pension plan you need internal earnings and need to file under 2002-23 -- Go to www.centa.com click on newsletters, click on 2003, click on August to find the details if you do not have them.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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