• Ascensus
  • Newport
  • FuturePlan
  • Provident Trust Group

IRS

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

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The IRS has issued Notice 2023-12, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include the corporate bond monthly yield curve, the corresponding spot segment rates for January used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standards for single-employer DB plans.

January 18 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for February

The IRS has issued Revenue Ruling 2023-03, which contains the applicable federal rates (AFR) for February 2023. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as "72(t) payments."

January 18 2023

Industry & Regulatory News

Washington Pulse: New Retirement Payment Withholding Procedure is (Finally) Final

The IRS released a new withholding form on January 4, 2022: Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions. The IRS also issued a revised Form W-4P, Withholding Certificate for Pension or Annuity Payments. As a result, payers and individuals will have a new process for calculating and electing federal income tax withholding on retirement distributions. Although the IRS will not require payers to use the new and revised forms until January 1, 2023, payers may start using them in 2022.

January 19 2022

Industry & Regulatory News

Washington Pulse: IRS Releases Final QPLO Regulations

Plan participants have more time to roll over certain plan loan offsets under the Tax Cuts & Jobs Act of 2017 (TCJA). These are known as qualified plan loan offsets (QPLOs). In response to this legislative change, the IRS released proposed regulations in August 2020. The IRS finalized the regulations in December 2020, with only one modification: the applicability date.

February 05 2021
Scroll to top