IRS Priority Guidance Plan Includes Retirement Items
The IRS has issued its 2021-2022 2nd Quarter guidance plan update, in which it describes guidance projects in the current fiscal year. Many items in the plan have appeared in prior years’ Priority Guidance Plans. A number of the guidance items deal with retirement savings arrangements, including the following.
- Regulations and guidance relating to the 10 percent early distribution tax
- Comprehensive IRA regulations
- Regulations and guidance updating electronic delivery rules for providing applicable notices and making participant elections
- Regulations relating to SECURE Act modifications to certain rules governing 401(k) plans
- Guidance on student loan payments and their interplay with qualified retirement plans and 403(b) plans
- Regulations on the exception to the unified plan rule for Internal Revenue Code Section 413(e) multiple employer plans (proposed regulations issued in July 2019)
- Regulations on the definition of "governmental plan"
- Final regulations updating minimum-present-value requirements for defined benefit pension plans (proposed regulations issued in November 2016)
- Regulations on mortality tables to determine present value for single-employer defined benefit pension plans
- Final regulations for withholding on distributions when payments are made to a non-U.S. address (proposed regulations issued in May 2019)
- Regulations relating to the Section 6057 reporting requirements (proposed regulations issued in June 2012)
- Guidance updating electronic filing requirements for employee plans to reflect changes made by the Taxpayer First Act.