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Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Kentucky Storms
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on April 24, 2025, for Kentucky severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides, for the incident period of April 2, 2025.
Industry & Regulatory News
IRS Announces Deadline Relief for Tennessee Storm Victims
The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee severe storms, straight-line winds, tornadoes and flooding until November 3, 2025. The tax relief postpones various tax filing deadlines that began on April 2, 2025. Affected individuals and households who reside or have a business in the entire state of Tennessee, 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 Announces Applicable Federal Rates for May
The IRS has issued Revenue Ruling 2025-10 which contains the applicable federal rates (AFR) for May 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.”
Industry & Regulatory News
IRS Issues Yield Curves and Segment Rates for DB Plan Calculations
The Internal Revenue Service (IRS) has issued Notice 2025-21, 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 March used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for April 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.
IRS Announces Deadline Relief for Arkansas Storm Victims
The IRS has announced the postponement of certain tax-related deadlines for victims of Arkansas storms until November 3, 2025. The tax relief postpones various tax filing deadlines that began on April 2, 2025. Affected individuals and households who reside or have a business in the entire state of Arkansas, 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 Plan Disaster Assistance May Be Available for Virginia Severe Winter Storms and Flooding
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on April 4, 2025, for Virginia severe winter storms and flooding, for the incident period of February 10 – February 18, 2025.
Industry & Regulatory News
Proposal Expanding Disaster Relief to State Declared Disasters Passes Committee
Representatives David Kustoff (R-TN) and Judy Chu (D-CA) previously introduced H.R. 517 the Filing Relief for Natural Disasters Act. The bill would allow the governor of a state or territory to extend a federal tax filing deadline in the event of a state-declared emergency or disaster, which happens automatically for federally declared disasters.
Industry & Regulatory News
Retirement Plan Disaster Assistance May Be Available for Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on March 18, 2025, for Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding, for the incident period of November 2, 2024 – November 5, 2024.
Industry & Regulatory News
IRS Announces Deadline Relief for West Virginia Storm Victims
The IRS has announced the postponement of certain tax-related deadlines for victims of West Virginia severe storms, straight-lined winds, flooding, landslides and mudslides until November 3, 2025. The tax relief postpones various tax filing deadlines that began on February 15, 2025. Affected individuals and households who reside or have a business in Logan, McDowell, Mercer, Mingo, Wayne and Wyoming 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 Announces Applicable Federal Rates for April
The IRS has issued Revenue Ruling 2025-08 which contains the applicable federal rates (AFR) for April 2025.