IRS Issues RMD Relief Related to SECURE Rules
The IRS notice provides additional time to rollover mistaken required minimum distributions as well as RMD relief for IRA beneficiaries.
Tag: Internal Revenue Service (IRS)
PEP Growth Slows as Startups Fold
An IRS clarification that expanded audits for PEPs may be a factor for some providers in leaving the market.
Employees Can’t Deduct Wellness Indemnity Plans From Their Taxes, IRS Says
Workplace wellness indemnity programs funded through salary withholding cannot be tax deductible if that money is used for non-medical reimbursement.
House Appropriations Bill Would Block Safeguarding and Swing Pricing Proposals, Among Others
The legislation also targets the climate disclosure and market structure proposals.
IRS Provides Interim Guidance for EPCRS Changes
SECURE 2.0 laid out changes to IRS correction programs, but the May guidance clarifies how they will operate until the...
Democrats Trade Budget Cuts for Debt Ceiling Extension
The House is scheduled to vote on the proposal Wednesday before passing it to the Senate.
Inflation Drives IRS to Raise HSA Contribution Limits
For 2024, the HSA contribution will be $4,150 for an individual and $8,300 for a family, up from $3,850 for...
AARP, US Chamber Comment on IRS Proposal on Remote Notarization
Thursday was the final day to submit comments on the December 2022 IRS proposal to allow remote notarization for many...
With SECURE 2.0, the Cash Balance DB Plan May Be Back
Experts at a DB Summit discussed the resurgence of cash balance plans and the advantages of variable benefit plans tied...
IRS Proposes Rules That Require Retirement Forfeitures Be Used in 12 Months
A new IRS proposal formalizes guidelines on how plan administrators should manage and use retirement plan forfeitures.
DOL: More Time to Comment on Fiduciary Correction Program
The Department of Labor has extended the public comment period for a program that would allow fiduciaries to self-correct for...
SECURE 2.0 Error Threatens Catch-Up Contributions, but Meaning Is Clear
A mistake in SECURE 2.0 legislation would eliminate both future and existing retirement plan catch-up contributions, though IRS interpretation to...
IRS: Remote Notarization, a Pandemic Development, May Stay
The rule would codify relief from ‘physical presence’ rules for retirement plan elections that was first granted during the height...
IRS to Permit Determination and Termination Letters for 403(b) Plans
Beginning in June 2023, the IRS will allow 403(b) plans to apply for determination and termination letters, similar to 401(a)...
Compliance News
Legislative and Judicial Actions
The DOL updates auditor independence rules; the IRS extends plans’ amendment deadlines for certain CARES Act and Tax Relief Act...
IRS Reveals 2023 Contribution Caps for 401(k) and IRAs
The contribution limit changes reflect cost of living changes from this year.
IRS Issues Update on Required Minimum Distribution Rule
The guidance clarifies that people who did not take RMDs in 2021 and 2022 will not be responsible for the...
IRS Extends Plan Amendment Deadlines for CARES Act Provisions
Deadlines have also been extended to amend plans for certain provisions of the Taxpayer Certainty and Disaster Tax Relief Act.
IRS Private Letter Ruling Addresses DB-to-DC Asset Transfer
While it applies only to the immediate case, the IRS’ approval of a transfer of excess assets from a terminating...
IRS Extends Plan Amendment Deadlines for SECURE Act Provisions
Deadlines have also been extended to amend plans for certain provisions of the Miners Act and the CARES Act.