IRS

Industry & Regulatory News

Hardship Distributions May Be Permitted for South Dakota Severe Winter Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 27, 2023, for severe winter storms and snowstorms in South Dakota, for the incident period of December 12, 2022 – December 25, 2022.

February 28 2023

Industry & Regulatory News

IRS Releases Proposed Rule on Use of Forfeitures in Qualified Plans

The IRS has released a proposed rule intending to clarify the use and timing of the allocation of forfeitures in qualified retirement plans.

February 24 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The IRS has issued Notice 2023-19, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

February 23 2023

Industry & Regulatory News

Additional Final Form 5500 Guidance Issued

The Department of Labor’s (DOL’s) Employee Benefits Security Administration, the IRS, and the Pension Benefit Guaranty Corporation (PBGC) have released a third and final phase that implements a September 2021 regulatory proposal.

February 23 2023

Industry & Regulatory News

IRS Finalizes Electronic Filing Requirements for Certain Information Returns

The IRS has released final regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019.

February 21 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for March 2023

The IRS has issued Revenue Ruling 2023-05, which contains the applicable federal rates for March 2023.

February 16 2023
IRS

Industry & Regulatory News

IRS Updates Operational Compliance List

The IRS recently updated its Operational Compliance List identifying changes in qualification requirements and Internal Revenue Code section 403(b) requirements effective in 2022. The list does not include annual, monthly, or other periodic changes that routinely occur, but is updated periodically by the IRS to reflect new legislation and IRS guidance to help plan sponsors maintain operational compliance.

 

February 13 2023
IRS

Industry & Regulatory News

IRS Announces Issuance Opinion Letters and Restatement Deadline for Pre-Approved Defined Benefit Plans

The IRS has released Announcement 2023-6, stating that it expects to issue opinion letters for pre-approved defined benefit plans that were filed with the IRS during the third remedial amendment cycle “on February 28, 2023, or, in some cases, as soon as possible thereafter.”

February 08 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for North Dakota Severe Winter Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 5, 2023, for severe winter storms, snowstorms, and straight-line winds in North Dakota, for the incident period of November 9, 2022 – November 11, 2022.

February 07 2023
IRS

Industry & Regulatory News

IRS Announces Deadline Relief for California Severe Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding and landslides in California. The tax relief postpones various tax filing deadlines that began on December 27, 2022. Affected individuals and households who reside or have a business in Calaveras, Merced, Monterey, Sacramento, San Joaquin, San Luis Obispo, Santa Barbara, and Santa Cruz counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

In addition to extending certain tax filing and tax payment deadlines, the relief includes completion of many time-sensitive, tax-related acts described in IRS Revenue Procedure 2018-58 and Treasury Regulation 301.7508A-1(c)(1). Affected taxpayers with a covered deadline on or after December 27, 2022, and before May 15, 2023, will have until May 15, 2023, to complete the acts. This includes filing Form 5500 series returns that are required to be filed on or after December 27, 2022, and before May 15, 2023.

"Affected taxpayer" automatically includes any individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Those who reside or have a business located outside the covered disaster area, but have been affected by the disaster, may contact the IRS to request relief.

January 25 2023