A Special Series from Robin Weingast & Associates, TPA: Cash Balance Plans

Robin Weingast has all the information you need about Cash Balance PlansCash balance plans have enjoyed a recent resurgence in popularity. However, these plans, which can provide tax-deductible benefits as much as five times greater than 401(k) profit sharing plans, have actually existed for more than 30 years. When the Pension Protection Act of 2006 (PPA) resolved much of the legal uncertainty of these plans, small and large companies alike showed a renewed interest. According to a recent research report, the number of cash balance plans increased by more than 23% from 2006 to 2007 and more than 75% of existing cash balance plans are sponsored by companies with fewer than 50 employees.

In our special “Need to Know” Series on Cash Balance Plans, the Robin Weingast & Associates team will walk you through everything you need to know about these popular plans.

As always, the Robin Weingast & Associates team is here to help. If you have any questions about cash balance plans, please contact us and we’ll be happy to help. 

Need to Know: Getting a Copy of a Prior Year Tax Return or Transcript

Robin Weingast Tax ReturnKeeping copies of your tax returns is a smart habit. In addition to needing them for any questions the IRS may have, you will most likely need tax returns to apply for a home mortgage or if you and/or a dependent apply for a student loan. If you haven’t kept copies, the IRS can help you get a copy of a return or even a transcript of other tax information you might need.

What is a tax transcript?

There are two kinds of tax transcripts:

1. A tax return transcript shows most line items from your originally submitted return s well as accompanying forms and schedules you may have filed. It does not include any changes made after filing
2. A tax account transcript shows any changes that you or the IRS made to your return after filing. This transcript includes marital status, return type, adjusted gross income, and taxable income.
It’s important to understand that these are not actual copies of your filed, processed tax returns.

How can I get transcripts from prior years?

Getting transcripts is free, and you can get them for the current year and past three years. You can order transcripts:

Online at IRS.gov, using the “Order a Transcript” option (link: Order a Transcript tool)
• By phone at 800-908-9946, using their menu options
• By mail, by completing a Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses and individuals who need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return. The forms are available online, or by calling 800-TAX-FORM

What if I need a copy of my processed, filed tax return?

For a fee* ($57 per copy), you can obtain a processed, filed tax return. Simply complete Form 4506 and mail it to the address listed for your area.

In general, you can obtain a current year’s return as well as returns from the past six years, but these requests may take up to 60 days to fulfill.

*If you live in a Presidentially declared disaster area, the IRS may waive the fee to obtain copies of your tax returns. Visit IRS.gov and select the ‘Disaster Relief’ link in the lower left corner of the page for more about IRS disaster assistance.

For more information

If you’d like to understand this process step-by-step, you can watch the video How to Request a Copy of Your Tax Return.

Have more questions?

The Robin Weingast team is well versed in the many resources that are available to business owners and individuals. Contact us today for a free consultation.