IRS

Industry & Regulatory News

Retirement Spotlight: IRS Issues Interim Guidance on Plan Corrections under SECURE 2.0 Act

The SECURE 2.0 Act of 2022, (SECURE 2.0) provisions affecting the Employee Plans Compliance Resolution System (EPCRS) support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program (SCP).

July 17 2023

Industry & Regulatory News

IRS Provides Additional RMD Transition Relief Under SECURE/SECURE 2.0

The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.

July 14 2023

Industry & Regulatory News

IRS Announces Deadline Relief for Vermont Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Vermont. The tax relief postpones various tax filing deadlines that began on July 9, 2023.

July 14 2023

Industry & Regulatory News

Outbreak Period Ends

The National Emergency in response to COVID-19 that began on March 20, 2020, ended on May 11, 2023. The Outbreak Period ended July 10, 2023, 60-days after the end of the National Emergency.

July 11 2023

Industry & Regulatory News

IRS Proposes Rules for Determining Corporate Bond Yield Curve

The IRS has released a proposed rule aimed at specifying the methodology used to develop the corporate bond yield curve.

June 22 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The IRS has issued Notice 2023-48, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

June 16 2023

Industry & Regulatory News

Retirement Spotlight: Proposed Regulations Govern Making Participant Elections and Spousal Consents Electronically

The coronavirus pandemic resulted in restrictions on where and how people could meet. These limitations—including remote work requirements—made it harder for some participants to take distributions from employer-sponsored retirement plans.

June 13 2023

Industry & Regulatory News

403(b) Plan Determination Program Opens June 1

The IRS provided a reminder in the May 24, 2023, edition of Employee Plans News that beginning June 1, 2023, the IRS is expanding the determination letter program to include individually designed and terminating 403(b) plans.

May 30 2023

Industry & Regulatory News

IRS Provides EPCRS Guidance Related to SECURE 2.0

The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.

May 25 2023

Industry & Regulatory News

2024 HSA Limits Released

The IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2024.

May 17 2023