IRS

The IRS recently released proposed regulations regarding the use of forfeitures within qualified retirement plans.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes, and flooding in Florida.

The IRS has published a June 2023 draft of instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

The Internal Revenue Service (IRS) recently released a memorandum from the Office of the Chief Counsel addressing claims substantiation for payment or reimbursement of medical and dependent care expenses.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 24, 2023, for Oklahoma severe storms, straight-line winds, and tornadoes, for the incident period of April 19, 2023 – April 20, 2023.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and tornadoes in Oklahoma. The tax relief postpones various tax filing deadlines that began on April 19, 2023. Affected individuals and households who reside or have a business in McClain and Pottawatomie counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The April 20, 2023, publication of Employee Plans News provides details for plan document restatement deadlines.

The IRS has issued Notice 2023-33, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and tornadoes in Indiana.

The IRS has posted a draft 2023 tax year Form 8889, Health Savings Accounts (HSAs).