IRS

The Internal Revenue Service (IRS) has issued proposed regulations providing guidance for employers regarding new provisions on catch-up contributions as permitted by the SECURE 2.0 Act of 2022 (SECURE 2.0).

The Internal Revenue Service (IRS) has issued Notice 2025-14, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include 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 for February 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 standard for single-employer DB plans.

The Internal Revenue Service (IRS) has issued a proposed regulation, providing guidance for employers that are required to include an automatic enrollment provision with their 401(k) or 403(b) plan in order to comply with the SECURE 2.0 Act of 2022 (SECURE 2.0).

The Internal Revenue Service has issued Notice 2025-13, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for December used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for January 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 standard for single-employer DB plans.

The IRS has issued Revenue Ruling 2025-05, which contains the applicable federal rates (AFR) for February 2025. 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.”

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 15, 2025, for Alaska severe storm and flooding, for the incident period of October 20 – October 23, 2024.

The Internal Revenue Service has issued a proposed rule under IRC  Sec.162(m) to identify “covered employees” and nondeductible compensation following the expansion of 162(m) to include non-officers under the American Rescue Plan Act of 2021.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on January 10, 2025, for the following.

The IRS has announced the postponement of certain tax-related deadlines for victims of California affected by wildfires and straight-line winds until October 15, 2025. The tax relief postpones various tax filing deadlines that began on January 7, 2025.

The Internal Revenue Service (IRS) has released proposed automatic enrollment regulations that apply to certain retirement plans as provided by Sections 101 and 341 of the SECURE 2.0 Act of 2022.