IRS
Industry & Regulatory News
IRS Priority Guidance Plan Includes Retirement Items
The IRS has issued its initial 2021-2022 Priority Guidance Plan, in which it describes guidance projects in the current fiscal year. Many items in the plan have appeared in prior years’ Priority Guidance Plans.
Industry & Regulatory News
IRS Provides Amendment Guidance
The IRS has released Revenue Procedure 2021-37, providing procedures for the issuance of opinion letters and the timing requirements of remedial amendment periods for Cycle 2 approvals of 403(b) plans. The guidance aligns the 403(b) pre-approval process with the 401(a) process in several ways.
Industry & Regulatory News
IRS Issues Deadline Relief for California Wildfire Victims
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for California wildfire victims. The tax relief postpones various tax filing and payment deadlines that began on July 14, 2021. Affected individuals and households that reside or have a business in Lassen, Nevada, Placer, and Plumas counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines qualify for relief.
Industry & Regulatory News
IRS Issues Deadline Relief for Tennessee Severe Storms and Flooding Victims
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Tennessee victims of severe storms and flooding. The tax relief postpones various tax filing and payment deadlines that began on August 21, 2021. Affected individuals and households that reside or have a business in Dickson, Hickman, Houston, and Humphreys counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines qualify for relief.
Industry & Regulatory News
Retirement Spotlight: IRS Finalizes Mandatory 60-Day Postponement Period for Federally Declared Disasters
The average number of natural disasters continues to rise. As a result, Congress and the IRS have tried to keep pace by providing relief for those affected by major disasters and emergencies. In December 2019, the Taxpayer Certainty and Disaster Tax Relief Act of 2019 amended Internal Revenue Code (IRC) Sec. 7508A by requiring a new mandatory 60-day postponement period for certain tax-related acts following a federally declared disaster. To help clarify the new rule, the IRS issued final regulations in June 2021. The regulations 1) explain how the new mandatory 60-day postponement period is determined, and 2) clarify how the term “federally declared disaster” is defined under IRC Sec.165.
Industry & Regulatory News
IRS Issues Final Regulations for Mandatory Deadline Postponements Related to Federally Declared Disasters
The IRS has released final regulations regarding the mandatory 60-day postponement of deadlines for certain time-sensitive, tax-related acts in circumstances of federally declared disasters, implemented under the Further Consolidated Appropriations Act of 2020.
Industry & Regulatory News
IRS Issues Revised 2020 Publication 590-B
The IRS has issued a revised 2020 Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), intended to clarify the application of required minimum distribution (RMD) rules under the Setting Every Community Up for Retirement Enhancement Act (SECURE Act).
Industry & Regulatory News
IRS Provides Additional COBRA Premium Subsidy Guidance
On May 18, the IRS issued Notice 2021-31, which provides guidance affecting COBRA premium assistance pursuant to the American Rescue Plan Act of 2021 (ARPA). The notice includes 86 questions that clarify the application of the premium assistance to group health plans, employee eligibility, determination of the premium subsidy amount, and the advance payment or quarterly offset of taxes for employers.
Industry & Regulatory News
IRS Issues Deadline Relief for Alabama Victims of Severe Storms and Tornadoes
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Alabama victims of severe storms, straight-line winds, and tornadoes. The tax relief postpones various tax filing and payment deadlines that occurred starting on March 25. The areas included in the relief are Bibb, Calhoun, Clay, Hale, Jefferson, Perry, Randolph, and Shelby counties.
Industry & Regulatory News
IRS Issues Deadline Relief for Kentucky Severe Storms Victims
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Kentucky victims of severe storms, flooding, landslides, and mudslides. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 27. The areas included in the relief are Boyd, Breathitt, Carter, Casey, Clay, Cumberland, Elliott, Estill, Floyd, Franklin, Jackson, Johnson, Knott, Knox, Lawrence, Lee, Lincoln, Magoffin, Marion, Martin, Mason, Morgan, Ohio, Pike, Powell, Rockcastle, and Wolfe counties.