Internal Revenue Code:Sec. 6058. Information required in connection with certain plans of deferred compensation

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle F - Procedure and Administration
       CHAPTER 61 - INFORMATION AND RETURNS
        Subchapter A - Returns and Records
         PART III - INFORMATION RETURNS
          Subpart E - Registration of and Information Concerning Pension,
                Etc., Plans
         

Statute

    Sec. 6058. Information required in connection with certain plans of
        deferred compensation
 
    (a) In general
      Every employer who maintains a pension, annuity, stock bonus,
    profit-sharing, or other funded plan of deferred compensation
    described in part I of subchapter D of chapter 1, or the plan
    administrator (within the meaning of section 414(g)) of the plan,
    shall file an annual return stating such information as the
    Secretary may by regulations prescribe with respect to the
    qualification, financial conditions, and operations of the plan;
    except that, in the discretion of the Secretary, the employer may
    be relieved from stating in its return any information which is
    reported in other returns.
    (b) Actuarial statement in case of mergers, etc.
      Not less than 30 days before a merger, consolidation, or transfer
    of assets or liabilities of a plan described in subsection (a) to
    another plan, the plan administrator (within the meaning of section
    414(g)) shall file an actuarial statement of valuation evidencing
    compliance with the requirements of section 401(a)(12).
    (c) Employer
      For purposes of this section, the term ''employer'' includes a
    person described in section 401(c)(4) and an individual who
    establishes an individual retirement plan.
    (d) Coordination with income tax returns, etc.
      An individual who establishes an individual retirement plan shall
    not be required to file a return under this section with respect to
    such plan for any taxable year for which there is -
        (1) no special IRP tax, and
        (2) no plan activity other than -
          (A) the making of contributions (other than rollover
        contributions), and
          (B) the making of distributions.
    (e) Special IRP tax defined
      For purposes of this section, the term ''special IRP tax'' means
    a tax imposed by -
        (1) section 408(f), (FOOTNOTE 1)
       (FOOTNOTE 1) See References in Text note below.
        (2) section 4973, or
        (3) section 4974.
    (f) Cross references
          For provisions relating to penalties for failure to file a
        return required by this section, see section 6652(e).
          For coordination between the Department of the Treasury and
        the Department of Labor with respect to the information
        required under this section, see section 3004 of title III of
        the Employee Retirement Income Security Act of 1974.
 

Sources

    (Added Pub. L. 93-406, title II, Sec. 1031(a), Sept. 2, 1974, 88
    Stat. 945; amended Pub. L. 94-455, title XIX, Sec. 1906(b)(13)(A),
    Oct. 4, 1976, 90 Stat. 1834; Pub. L. 95-600, title I, Sec.
    157(k)(1), Nov. 6, 1978, 92 Stat. 2809; Pub. L. 98-369, div.  A,
    title IV, Sec. 491(d)(48), July 18, 1984, 98 Stat. 852; Pub. L.
    99-514, title XV, Sec. 1501(d)(1)(D), Oct. 22, 1986, 100 Stat.
    2740.)
 

References in Text

                             REFERENCES IN TEXT
      Section 408(f), referred to in subsec. (e)(1), was repealed by
    Pub. L. 99-514, title XI, Sec. 1123(d)(2), Oct. 22, 1986, 100 Stat.
    2475.
      Section 3004 of title III of the Employee Retirement Income
    Security Act of 1974, referred to in subsec. (f), is classified to
    section 1204 of Title 29, Labor.
 

Miscellaneous

                                 AMENDMENTS

2006 - Pension Protection Act of 2006 (P.L. 109-280)
SEC. 1103. <<NOTE: 26 USC 6058 note.>> REPORTING SIMPLIFICATION.
    (a) Simplified Annual Filing Requirement for Owners and Their 
Spouses.--
            (1) In general.--The Secretary of the Treasury shall modify 
        the requirements for filing annual returns with respect to one-
        participant retirement plans to ensure that such plans with 
        assets of $250,000 or less as of the close of the plan year need 
        not file a return for that year.
            (2) One-participant retirement plan defined.--For purposes 
        of this subsection, the term ``one-participant retirement plan'' 
        means a retirement plan with respect to which the following 
        requirements are met:
                    (A) on the first day of the plan year--
                          (i) the plan covered only one individual (or 
                      the individual and the individual's spouse) and 
                      the individual owned 100 percent of the plan 
                      sponsor (whether or not incorporated), or
                          (ii) the plan covered only one or more 
                      partners (or partners and their spouses) in the 
                      plan sponsor;
                    (B) the plan meets the minimum coverage requirements 
                of section 410(b) of the Internal Revenue Code of 1986 
                without being combined with any other plan of the 
                business that covers the employees of the business;
                    (C) the plan does not provide benefits to anyone 
                except the individual (and the individual's spouse) or 
                the partners (and their spouses);
                    (D) the plan does not cover a business that is a 
                member of an affiliated service group, a controlled 
                group of corporations, or a group of businesses under 
                common control; and
                    (E) the plan does not cover a business that uses the 
                services of leased employees (within the meaning of 
                section 414(n) of such Code).
        For purposes of this paragraph, the term ``partner'' includes a 
        2-percent shareholder (as defined in section 1372(b) of such 
        Code) of an S corporation.
            (3) Other definitions.--Terms used in paragraph (2) which 
        are also used in section 414 of the Internal Revenue Code of 
        1986 shall have the respective meanings given such terms by such 
        section.
            (4) Effective date.--The provisions of this subsection shall 
        apply to plan years beginning on or after January 1, 2007.
    (b) Simplified Annual Filing Requirement for Plans With Fewer Than 
25 Participants.--In the case of plan years beginning after December 31, 
2006, the Secretary of the Treasury and the Secretary of Labor shall 
provide for the filing of a simplified annual return for any retirement 
plan which covers less than 25 participants on the first day of a plan 
year and which meets the requirements described in subparagraphs (B), 
(D), and (E) of subsection (a)(2).

      1986 - Subsec. (f). Pub. L. 99-514 substituted ''section
    6652(e)'' for ''section 6652(f)''.
      1984 - Subsec. (e). Pub. L. 98-369 struck out par. (2) which
    included a tax imposed by section 409(c) within term ''special IRP
    tax'', and redesignated pars. (3) and (4) as (2) and (3),
    respectively.
      1978 - Subsec. (c). Pub. L. 95-600 substituted ''an individual
    retirement plan'' for ''an individual retirement account or annuity
    described in section 408''.
      Subsecs. (d) to (f). Pub. L. 95-600 added subsecs. (d) and (e)
    and redesignated former subsec. (d) as (f).
      1976 - Subsec. (a). Pub. L. 94-455 struck out ''or his delegate''
    after ''Secretary''.
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by Pub. L. 99-514 applicable to returns the due date
    for which (determined without regard to extensions) is after Dec.
    31, 1986, see section 1501(e) of Pub. L. 99-514, set out as an
    Effective Date note under section 6721 of this title.
                      EFFECTIVE DATE OF 1984 AMENDMENT
      Amendment by Pub. L. 98-369 applicable to obligations issued
    after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98-369, set
    out as a note under section 62 of this title.
                      EFFECTIVE DATE OF 1978 AMENDMENT
      Section 157(k)(3) of Pub. L. 95-600 provided that: ''The
    amendments made by paragraph (1) (amending this section) shall
    apply to returns for taxable years beginning after December 31,
    1977. The amendment made by paragraph (2) (amending section 7701 of
    this title) shall apply to taxable years beginning after December
    31, 1974.''
                               EFFECTIVE DATE
      Section effective Sept. 2, 1974, except that the requirements of
    subsec. (a) shall apply only with respect to plan years beginning
    after Sept. 2, 1974, see section 1034 of Pub. L. 93-406, set out as
    a note under section 6057 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 6033, 6104, 6652 of this
    title.