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...
Tag: Internal Revenue Service (IRS)
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.
IRS Life Expectancy Tables Updated for Retirees
The actuarial update is important for plan sponsor clients to note, but the effect to regular business is likely limited,...
IRS Rules on Mergers Involving DB Plans That Have Received SFA
If a plan that received special financial assistance merges with an ongoing plan, the ongoing plan is not considered to be in critical status.
Significant New Corrections Opportunities Stem From IRS Program
The IRS has begun sending pre-audit letters to plan sponsors whose retirement plans have been selected for upcoming audits, giving...
Physical Presence Requirement Relief Extended Again
The additional extension comes after they IRS solicited public comments on whether relief from the physical presence requirement should be made permanent.
IRS Sets Higher 2023 HSA Limits as Inflation Grows
An individual with self-only coverage under a high-deductible health plan can direct a new limit of $3,850 into their health savings account—$200 more than the 2022 cap.
New RMD Rules Mean the End of an Era for IRAs
Advisers should revisit planning for those who were counting on the 'stretch‘ IRA.
IRS Provides Sample Language for 403(b) Plan Provisions
The agency issued a listing of required modifications for pre-approved plans.
Attorney Calls Proposed Changes to RMDs From 403(b)s ‘A Big Deal’
Proposed required minimum distribution changes would require a participant to take calculated amounts from each 403(b) contract he has.
Notice of Proposed Rulemaking Updates MEP ‘One Bad Apple’ Rule
New regulations would apply to multiple employer plans that are either maintained by employers that have a ‘common interest’ or...
ERISA vista
An Objectivity Lesson
The more objective the presentation, the less likely it will seem like advice.
Caution Clients Against IRA Asset Class Mistakes
A recent court case demonstrates why owners of self-directed IRAs should be careful about their investment strategies and asset classes—and...