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51 Matching News Items

1.  IRS Releases Guidance on Roth Catch-Up Contributions Under SECURE 2.0
RSM US Link to more items from this source
Sept. 5, 2023
"[Notice 2023-62] confirms that catch-up contributions are here to stay and were not eliminated. Also, the transition period for the mandatory treatment of Roth contributions for high-income individuals shows the IRS's intent to issue further guidance on unresolved issues surrounding implementation of that provision."
2.  IRS Provides Guidance for Required Minimum Distributions
RSM US Link to more items from this source
July 25, 2023
"Notice 2023-54 ... announced that the Department of the Treasury and the IRS intend to issue final regulations related to RMDs under section 401(a)(9) which will apply no earlier than the 2024 distribution calendar year. The notice also provides guidance related to certain provisions of 401(a)(9) that apply for 2021, 2022 and 2023 as well as rollover relief for plan and IRA distributions made in the first half of 2023, that would have been RMDs, if not for changes made in SECURE 2.0."
3.  IRS Says That Certain Wellness Plans Are Subject to Employment Taxes
RSM US Link to more items from this source
June 19, 2023
"[IRS Chief Counsel Memorandum 202323006] discusses whether wellness indemnity payments under an employer-funded, fixed-indemnity insurance policy (including those where the premium for coverage is paid by the employee through a cafeteria plan under section 125) are includible in the gross income of the employee if the employee has no unreimbursed medical expenses related to the payment."
4.  IRS Issues Guidelines Regarding Substantiation of Expenses for Cafeteria Plans
RSM US Link to more items from this source
May 19, 2023
"Chief Counsel Advice Memorandum 202317020 ... confirmed that it is not a compliant practice for employers to allow employees to self-certify or use certain other 'shortcut' mechanisms to substantiate that their medical expenses qualify for reimbursement."
5.  IRS TE/GE Program Letter Highlights FY 22 Compliance Initiatives
RSM US Link to more items from this source
Oct. 10, 2021
"Among the priorities for 2022, TE/GE will focus on the following compliance activities: ... Employee stock ownership plans (ESOPs) ... Private foundation and retirement plan audits for high-income taxpayers.... [T]he webpage indicates that TE/GE will continue to pursue the compliance program described in program letters for prior years ... [A] number of initiatives have been removed [including] ... Employee plans: Inflated assets [and] Employee plans: Partial termination/partial vesting."
6.  IRS Updates the Employee Plans Compliance Resolution System (EPCRS)
RSM US Link to more items from this source
July 19, 2021
"Two new overpayment corrections for defined benefit plans ... Threshold amount for overpayments not requiring correction is increased from $100 to $250 ... Elimination of the requirement that self-correction by plan amendment must affect 'all eligible participants' ... Extension of safe-harbor correction method for some missed elective deferrals."
7.  IRS Extends Relief for Leave-Based Donation Programs
RSM US Link to more items from this source
July 6, 2021
"In general, the employee's donated time does not need to be treated as wages for income or payroll tax purposes if ... [1] the payment is made to a section 170(c) organization for the relief of victims of the COVID-19 pandemic in the affected geographic areas; and [2] the payment is paid to the section 170(c) organization after Dec. 31, 2020 and before Jan. 1, 2022."
8.  IRS TE/GE Division Releases New Compliance Initiatives
RSM US Link to more items from this source
Apr. 7, 2021
"Joining the existing strategies on participant loans, earned income for self-employed plans and required minimum distributions in large defined benefit plans are ... [1] Exempt organizations that sponsor retirement plans ... [2] One-participant 401(k) plans ... [3] Worker classification ... [4] Plan liabilities and unrelated business income."
9.  IRS Provides New Guidance on Health FSAs and Dependent Care Assistance Programs
RSM US Link to more items from this source
Feb. 22, 2021
"New Notice 2021-15 clarifies the latest temporary rules regarding health FSAs and DCAPS included in the Act.... [E]mployers that choose to adopt any of the 2021 changes must formally amend their plans to do so. The amendment can be retroactive, but must be adopted not later than December 31 of the first calendar year beginning after the end of the plan year in which the amendment is effective."
10.  IRS Releases Final Regs for Excess Compensation Paid by Exempt Organizations
RSM US Link to more items from this source
Jan. 17, 2021
"The substantive changes contained in the final regulations generally are limited to expanding the nonexempt funds exception to the definition of covered employees. In addition, the final regulations add a number of examples to clarify provisions originally included in the proposed regulations."
11.  Final Regs Implement TCJA Changes to Section 162(m)
RSM US Link to more items from this source
Dec. 21, 2020
"Overall, the regulations are consistent with and closely track guidance from the proposed regulations and Notice 2018‑68 ... The final regulations are generally effective ... as of the date of publication in the Federal Register and apply to tax years beginning on or after that date but may be relied upon (if relied upon in their entirety) for taxable years beginning after Dec. 31, 2017."
12.  IRS Provides SECURE Act Guidance for 401(k) and 403(b) Plans
RSM US Link to more items from this source
Dec. 13, 2020
"Employers that use the 3% non-elective approach to safe harbor plan design, no longer have to issue traditional safe harbor notices. Nonetheless, the best advice is issue a notice reserving the right to reduce or suspend safe harbor non-elective contributions during the year.... [T]he due date to issue such a notice for 2021 is Jan 31, 2021."
13.  IRS Issues Final Regs on Parking and Commuting Deductions
RSM US Link to more items from this source
Dec. 13, 2020
"Generally, the final regulations match the proposed regulations allowing taxpayers to calculate the disallowance of deductions for certain qualified transportation fringes using the general rule or three simplified methodologies and explain how to determine parking expenses.... The special rule allocating 5% of certain mixed parking expenses to the parking facility can now be used when calculating the general rule ... The exception under section 274(e)(8) now applies to instances where in a bona fide transaction, the adequate and full consideration for qualified parking is zero."
14.  DOL Issues Interim Final Rule on Lifetime Income Disclosure
RSM US Link to more items from this source
Aug. 19, 2020
"The Interim Rule requires plans to also show participants the amount of estimated monthly payments they could receive ... over the life expectancy of a participant and a spouse by assuming that the participant is married (even if the participant is not actually married) and that the participant's spouse is the same age as the participant (regardless of a spouse's actual age).... This disclosure must be provided even where the plan does not provide any form of payment other than a lump sum.... The effective date of the Interim Rule is 12 months after it is published in the Federal Register."
15.  IRS Issues Rollover Rules for Qualified Plan Loan Offset Amounts
RSM US Link to more items from this source
Aug. 18, 2020
"The IRS has now issued Proposed Regulation section 1.402(c)-3 that defines the difference between a plan loan offset and a qualified plan loan offset (QPLO), as well as addressing the rollover rules applicable to each type of offset transaction.... These proposed regulations provide clarity as to when a retirement plan participants is eligible to rollover a plan loan amount and if eligible how much time the participant has to complete the rollover."
16.  DOL Issues Fiduciary Rules on Plan Investments
RSM US Link to more items from this source
July 8, 2020
"The Technical Amendment ... returns the applicable regulations and prohibited transaction exemptions back to where they were prior to the 2016 Rule. The Technical Amendment also clarifies and confirms standards for participant education with respect to investments. It is effective immediately, without any notice and comment period ... [T]he Proposed Exemption prohibits an investment advice fiduciary from receiving a fee for investment advice provided to a Retirement Investor to rollover Plan benefits, unless certain conditions are satisfied.... [T]he Financial Institution would be required to document the reasons that the advice to roll over was in the Retirement Investor's best interest."
17.  DOL Proposes ESG Investment Regulation
RSM US Link to more items from this source
June 24, 2020
"The most relevant proposed additions to the regulation are that a fiduciary: [1] Must evaluate investments and investment courses of action based solely on pecuniary factors that have a material effect on the return and risk of an investment ... [2] Must not subordinate the interests of the participants and beneficiaries in their retirement income or financial benefits under the plan to unrelated objectives ... [3] Must specifically document its conclusion that an investment chosen for non-pecuniary reasons (e.g. an ESG investment) was determined to be indistinguishable from other appropriate investments[.]"
18.  IRS Delivers Simplification Methods in Proposed 'Parking' Regs
RSM US Link to more items from this source
June 22, 2020
"The Tax Cuts and Jobs Act (TCJA) amended section 274(a) to eliminate or limit the tax deductions for expenses related to certain employer-provided qualified transportation fringe benefits under section 132(f).... [S]ection 274(a)(4) is a completely new expense disallowance that many taxpayers have been struggling to calculate since its passage. In addition to providing simplified methods that taxpayers can optionally use, the proposed regulations define many terms that will make complying with those methods easier."
19.  Proposed Regs Address Exempt Organizations' Excess Compensation
RSM US Link to more items from this source
June 11, 2020
"The proposed regulations generally follow the preliminary guidance of [Notice 2019-09] while adding additional clarity and addressing some previously unanswered questions.... Highlights of the proposed regulations ... include: [1] new volunteer exceptions, which serve to exclude remuneration paid by related taxable organizations to certain employees; [2] a new exception from the definition of a related organization when control exists solely because a majority of lower-level employees serve as directors or trustees of a nonstock organization; and [3] an exclusion from the definition of a parachute payment when paid by a related organization."
20.  IRS Extends Filing Deadlines for Employee Benefit Plans
RSM US Link to more items from this source
Apr. 13, 2020
"This relief has very limited applicability.... [A] plan with September 30, 2019, plan year-end [that] originally would have had an April 30, 2020, due date will now have a due date of July 15, 2020. That is the same due date the plan could have requested by filing for an extension using IRS Form 5558. A plan with a May 31, 2020, or June 30, 2020, due date is better off filing for its own extension to August 15, 2020, or September 15, 2020, respectively."
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