Tag: IRS

HSA Limits Stay the Same for 2011

The Internal Revenue Service (IRS) has announced that 2011 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under §223 of the Internal Revenue Code are unchanged from the amounts for 2010.

IRS Debunks Frivolous Tax Arguments

The IRS has released the 2010 version of its “discussion”—and rebuttal—of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws.

IRS to Mail 401(k) Compliance Questionnaires

New York accounting firm Eisner LLP has issued a warning that the Internal Revenue Service (IRS) will begin sending questionnaires to 401(k) sponsors to gather information about their level of compliance with applicable tax rules.

IRS 403(b) Expert Joins VALIC

VALIC has hired Robert J. "Bob" Architect, formerly senior tax law specialist and 403(b) guidance author in the Internal Revenue Service's Employee Plans Division, as vice president of Compliance and Market Strategy.

IRS Explains How to Fix 409A Document Woes

The Internal Revenue Service (IRS) has released an in-depth primer on how taxpayers can voluntarily better comply with regulations governing documents for nonqualified deferred compensation plans.

IRS Audit Project Finds Low Bonding Coverage Problem

When the Internal Revenue Service (IRS) put about 50 Form 5500 filings to the test recently, the plans filing the annual reports flunked on one major issue—buying enough fiduciary bond coverage for their fiduciaries and administrators.

IRS Delays Plan Amendment Timetable

The Internal Revenue Service (IRS) has given plan sponsors more time to adopt plan amendments to implement a variety of Pension Protection Act (PPA) requirements, including allowing participants to divest out of company stock.

IRS Issues Guidance on Complying with TARP and 409A

The Internal Revenue Service has issued guidance on the application of 409A(a) to changes made to nonqualified deferred compensation plans to comply with an advisory opinion of the Office of the Special Master for TARP Executive Compensation.

IRS Announces 2010 Taxable Wage Base for Permitted Disparity

The Internal Revenue Service has issued Revenue Ruling 2009-40, providing the table of covered compensation for the 2010 plan year for use in determining contributions to defined benefit plans and permitted disparity in defined contribution plan contributions.

IRS Sets Benefits Limits for 2010

The Internal Revenue Service has announced cost of living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2010.