IRS
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.
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.
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.
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.
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.
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.
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.
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The IRS has issued Notice 2023-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Industry & Regulatory News
IRS Invites Recommendations for Priority Guidance Plan
The Department of the Treasury and the Internal Revenue Service are soliciting recommendations for items to be included on the 2023-2024 Priority Guidance Plan.
Industry & Regulatory News
IRS Announces Deadline Relief for California Severe Winter Storms
The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storms, straight-line winds, flooding, landslides, and mudslides in California.