IRS Guidance

Industry & Regulatory News
IRS Issues Guidance on Funding Relief for Multiemployer DB Plans

The IRS has released Notice 2021-57, providing guidance for multiemployer defined benefit (DB) plans receiving funding relief under the American Rescue Plan Act of 2021. The Notice provides guidance regarding the plan sponsor’s ability to elect to delay designating a plan as being in endangered, critical, or critical and declining status or to delay updating the plan’s funding improvement or rehabilitation plan, and to extend the plan’s funding improvement or rehabilitation period. The guidance further explains the plan sponsor’s ability to amortize certain investments and other experience losses related to COVID-19 over a 30-year period in determining charges to the funding standard account.

October 13 2021
Industry & Regulatory News
IRS Provides COBRA Coverage Clarifications

The IRS has issued Notice 2021-58, which clarifies the application of extension under the “Joint Notification of Extensions of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak” and additional guidance issued by the Department of Labor’s Emergency Relief Notices. Moreover, this notice addresses the interaction between the Emergency Relief Notices and COBRA premium assistance available under the American Rescue Plan Act (ARPA).

October 07 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in Pennsylvania

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Pennsylvania. The tax relief postpones various tax filing deadlines that began August 31, 2021. Affected individuals and households who reside or have a business in Bucks, Chester, Delaware, Montgomery, Philadelphia, and York counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

September 14 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Tropical Storm Fred Victims in North Carolina

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Tropical Storm Fred in North Carolina. The tax relief postpones various tax filing deadlines that began August 16, 2021. Affected individuals and households who reside or have a business in Avery, Buncombe, Haywood, Madison, Transylvania, Watauga, and Yancey counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

September 13 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in Mississippi

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Mississippi. The tax relief postpones various tax filing deadlines that began August 28, 2021. Affected individuals and households who reside or have a business in all counties in Mississippi and the Mississippi Choctaw Indian Reservation, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines qualify for relief.

September 10 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in New Jersey

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in New Jersey. The tax relief postpones various tax filing deadlines that began September 1, 2021. Affected individuals and households who reside or have a business in Bergen, Gloucester, Hunterdon, Middlesex, Passaic, and Somerset counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines qualify for relief. This relief will be automatically granted to taxpayers in Ida-affected locations in other parts of the state subsequently designated by the Federal Emergency Management Agency (FEMA).

September 10 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in New York

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in New York. The tax relief postpones various tax filing deadlines that began September 1, 2021. Affected individuals and households who reside or have a business in Bronx, Kings, New York, Queens, Richmond, and Westchester counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines qualify for relief. The IRS has indicated similar guidance will be released for Bergen, Gloucester, Hunterdon, Middlesex, Passaic, and Somerset counties in New Jersey. This relief will be automatically granted to taxpayers in Ida-affected locations in other parts of these states subsequently designated by the Federal Emergency Management Agency (FEMA).

September 09 2021
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.

September 02 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in Louisiana and Neighboring States

The IRS has issued news releases IR-2021-175 and LA-2021-04 announcing the postponement of certain tax-related deadlines for Hurricane Ida victims in Louisiana. The tax relief postpones various tax filing deadlines that began August 26, 2021. Affected individuals and households who reside or have a business anywhere in the state of Louisiana, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines qualify for relief. This relief will be automatically granted to taxpayers in Ida-impacted locations in neighboring states designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance.

August 31 2021
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.

August 30 2021