Private Letter Ruling fee
L1: Private Letter Ruling fee
I’m 54.5 and want to start the SEPP process. I looked at the fees that the IRS charges for private letter rulings and if I’m reading them correctly, it would cost me $1,000 for a private letter ruling. On top of what my accountant will likely charge me,
I’m wondering if it’s really that important to get a private letter ruling.
2012-02-06 00:14, By: KM, IP: [184.108.40.206]
L2: Private Letter Ruling fee
You do not need a Private Letter Ruling (PLR) in order to set up a SEPP 72-T.
If you need one because of a problem you have with an existing one, I believe that the IRS fee is $ 10,000, not $ 1,000. The attorney’s fee is usually $ 7,500 for someone experienced in this area. Most accountants know almost nothing about SEPP 72-T plans,
or how to avoid a penalty for prematurely terminating a plan.
2012-02-06 04:00, By: dlzallestaxes, IP: [220.127.116.11]
L3: Private Letter Ruling fee
Yes, when I talked to my accountant, I was told not to pursue a PLR and that none of their other clients using SEPP went that route. Fortunately, my accountant already has a lot of experience with 72(t).
2012-02-09 17:11, By: KM, IP: [18.104.22.168]
L4: Private Letter Ruling fee
Maybe you should give a few more details as to why you think you need a private ruling. As DLZ stated above, usually the PLR are for a situation after a SEPP is in effect and it sounds like you are wanting one before you even start your SEPP.
2012-02-09 18:51, By: The Red Baron, IP: [22.214.171.124]