IRS

The IRS has issued Notice 2023-25, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 10, 2023, for severe winter storms, flooding, landslides, and mudslides in California, for the incident period beginning March 9, 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 8, 2023, for severe winter storms in Tennessee, for the incident period of December 22, 2022, to December 27, 2022.

President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers — similar to those included in the Build Back Better Act passed by the House in 2021 — but left by the wayside enroute to the passage of the Inflation Reduction Act of 2022.

The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service. Mr. Werfel, who was nominated in November 2022 as his predecessor Charles Rettig’s term ended, will serve through November 2027.

On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum
distribution (RMD) reporting by IRA trustees, custodians, and issuers.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 3, 2023, for severe winter storms in Oklahoma, for the incident period of December 21, 2022 – December 25, 2022.

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.

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

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.