IRS
Industry & Regulatory News
IRS Intends to Issue Guidance on Certain NFTs as Collectibles
The IRS has issued Notice 2023-27, announcing their intent to issue guidance related to the treatment of certain nonfungible tokens (NFTs) as collectibles under Internal Revenue Code Section (IRC Sec.) 408(m).
Industry & Regulatory News
IRS Posts Wellness Expense Reimbursement FAQs
The IRS has posted a series of frequently asked questions addressing whether certain costs related to nutrition, wellness, and general health are medical expenses under Internal Revenue Code Section 213 that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for April 2023
The IRS has issued Revenue Ruling 2023-06, which contains the applicable federal rates (AFR) for April 2023.
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
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.
Industry & Regulatory News
Senate Confirms New IRS Commissioner
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.
Industry & Regulatory News
Build Back Better Provisions Resurface in White House Budget Proposal
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.
Industry & Regulatory News
IRS Provides IRA Reporting Relief in Light of SECURE 2.0 Act’s RMD Age Change
On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum
distribution (RMD) reporting by IRA trustees, custodians, and issuers.
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.
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.
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.