Defined contribution plan

Industry & Regulatory News
IRS Issues Deadline Relief for Tennessee Storm Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds, and tornadoes in Tennessee. The tax relief postpones various tax filing deadlines that began December 10, 2021. Affected individuals and households who reside or have a business in Cheatham, Davidson, Dickson, Gibson, Henderson, Henry, Lake, Obion, Stewart, Sumner, Weakley, and Wilson counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

January 21 2022
Industry & Regulatory News
IRS Provides Guidance Regarding Substantially Equal Periodic Payments from Qualified Retirement Plans

The IRS has issued Notice 2022-06, providing guidance on whether periodic payments from an individual account under a qualified retirement plan are considered a series of substantially equal periodic payments (SEPPs). Notice 2022-6 modifies and supersedes Revenue Ruling 2002-62.

January 20 2022
Industry & Regulatory News
IRS Announces Applicable Federal Rates for February 2022

January 19, 2022 – The IRS has issued Revenue Ruling 2022-3, which contains the applicable federal rates (AFR) for February 2022. 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."

January 20 2022
Industry & Regulatory News
Washington Pulse: New Retirement Payment Withholding Procedure is (Finally) Final

The IRS released a new withholding form on January 4, 2022: Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions. The IRS also issued a revised Form W-4P, Withholding Certificate for Pension or Annuity Payments. As a result, payers and individuals will have a new process for calculating and electing federal income tax withholding on retirement distributions. Although the IRS will not require payers to use the new and revised forms until January 1, 2023, payers may start using them in 2022.

January 19 2022
Industry & Regulatory News
DOL Announces 2022 Inflation Adjustments for Civil Penalties

The Department of Labor has published in the Federal Register several inflation-adjusted penalty amounts for certain failures associated with qualified retirement plans.

January 18 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Washington Flooding and Mudslide Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of flooding and mudslides in Washington. The tax relief postpones various tax filing deadlines that began November 13, 2021. Affected individuals and households who reside or have a business in Clallam, Skagit, and Whatcom counties, and the Lummi Nation, Nooksack Indian Tribe, and Quileute Tribe, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

January 12 2022
Industry & Regulatory News
April 18 is IRS Tax Filing Deadline for Most Filers

The IRS has announced that tax filing season will begin on January 24, 2022. The filing deadline for 2021 tax returns or requests for extension is April 18, 2022, for most taxpayers because of Emancipation Day in Washington, D.C. For taxpayers in Maine and Massachusetts, the deadline to file is April 19, 2022, because of Patriots’ Day. Taxpayers who request an extension will have until October 17, 2022, to file their 2021 returns.

January 11 2022
Industry & Regulatory News
IRS Issues Deadline Relief for Colorado Wildfire Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in Colorado. The tax relief postpones various tax filing deadlines that began December 30, 2021. Affected individuals and households who reside or have a business in Boulder county, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

January 04 2022
Industry & Regulatory News
IRS Releases 2022 Forms W-4P and W-4R

The IRS has released the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments and 2022 Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.

January 04 2022
Industry & Regulatory News
2021 Form 5500 Series Informational Copies Released

December 30, 2021 – The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS, and the Pension Benefit Guaranty Corporation (PBGC) jointly released the 2021 Form 5500, Annual Return/Report of Employee Benefit Plan, 2021 Form 5500-SF, Annual Return/Report of Small Employee Benefit Plan, and their respective instructions. The IRS likewise released the 2021 Form 5500-EZ, Annual Return of a One-Participant Retirement Plan or Foreign Plan, and instructions.

January 01 2022