IRS Guidance

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on August 12, 2023, for Montana flooding, for the incident period of April 10, 2023 – April 26, 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on August 12, 2023, for Mississippi severe storms, straight-line winds, and tornadoes, for the incident period of June 14, 2023 – June 19, 2023.

The IRS has issued Notice 2023-61, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The IRS indicates in a news release its intent to focus on a range of compliance issues that can be associated with Employee Stock Ownership Plans (ESOPs).

The IRS has issued Notice 2023-53, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Securities and Exchange Commission has released a proposed rule that would require broker-dealers and investment advisers to take certain steps to address conflicts of interest associated with use of predictive data analytics.

The SECURE 2.0 Act of 2022, (SECURE 2.0) provisions affecting the Employee Plans Compliance Resolution System (EPCRS) support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program (SCP).

The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Vermont. The tax relief postpones various tax filing deadlines that began on July 9, 2023.

The National Emergency in response to COVID-19 that began on March 20, 2020, ended on May 11, 2023. The Outbreak Period ended July 10, 2023, 60-days after the end of the National Emergency.