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“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
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Search the News Archive
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11 Matching News Items |
| 1. |
Groom Law Group in TAXES-The Tax Magazine
Nov. 25, 2019
"[According to Rev. Rul. 2019-19,] a check that was distributed and received by the payee so he or she could cash the check in the year issued is taxable income to the participant (or beneficiary) and subject to Form 1099-R reporting and withholding rules. This answer does not vary regardless of whether the participant or beneficiary keeps the uncashed check, sends it back to the plan, destroys it, or cashes it in a subsequent year."
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| 2. |
Groom Law Group in TAXES-The Tax Magazine
Jan. 6, 2025
"[Section 301 of SECURE 2.0] has both [DOL] and [IRS] components, with the DOL rules for [ERISA-covered] plans providing for an added layer of protection for participants. Specifically, the ERISA provisions generally impose strict recovery measures if the plan sponsor elects to seek recovery of the overpayment.... Notice 2024-77 is effective as of October 15, 2024, and provides interim guidance to help plan sponsors understand the correction options available to correct plan overpayments and maintain the tax- qualified status of the qualified plan."
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| 3. |
Groom Law Group in TAXES-The Tax Magazine
May 14, 2025
"[SECURE] 2.0 mandated, for the very first time, a special automatic enrollment arrangement be added to all new 401(k) and 403(b) plans established on or after the enactment of SECURE 2.0 ... The Proposed Regulations provide important preliminary guidance on how to implement the mandate and what plans are impacted by the new law."
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| 4. |
Groom Law Group in TAXES-The Tax Magazine
Mar. 14, 2025
"For Roth catch-ups, plan sponsors should work with their payroll provider and recordkeeper to be in a position to comply with the Roth catch-up mandate for 2026 -- from the proposed regulations, we can see there will be a number of administrative changes needed to make this all work. And those who are not adding a Roth program will need to track the impacted participants to ensure they are not able to make catch-up contributions."
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| 5. |
Groom Law Group in TAXES-The Tax Magazine
Apr. 16, 2018
"The Bipartisan Budget Act of 2018 brings important relief for plan sponsors and recordkeepers for tax-qualified retirement plans. This relief includes [1] relaxed hardship withdrawal rules, [2] expanded rollover for improper federal tax levies, [3] California wildfire relief for plan distributions, and [4] a special Congressional committee to address the major funding concerns for multiemployer plans."
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| 6. |
Groom Law Group in TAXES-The Tax Magazine
Nov. 17, 2014
"The 2014-2015 Plan contains 65 projects in the context of 'Employee Benefits' with 42 projects specifically focused on 'Retirement Benefits.' As in prior years, many of the projects listed are carryover projects from the 2013-2014 priority guidance plan that are still in the middle of the regulatory process.... [This article reviews] a number of significant Retirement Benefits items from the 2014-2015 Plan ... [The authors] review the key areas and give a preview of where these pieces of guidance may be heading."
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| 7. |
Groom Law Group in TAXES-The Tax Magazine
Sept. 4, 2019
"[R]ecently the IRS expanded EPCRS, in Rev. Proc. 2019-19 ... [This article] is a summary of the changes to the program,which are effective as of April 19, 2019 ... [1] What changes were made for the correction of plan loans? ... [2] What changes were made for the correction of late amendments? ... [3] What changes were made for correction of operational failure to be corrected by a retroactive plan amendment ... [4] What changes were made to facilitate electronic VCP filings? ... [5] What changes are anticipated next?"
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| 8. |
Groom Law Group in TAXES-The Tax Magazine
Oct. 17, 2024
"[Notice 2024-63] takes the first step into providing needed guidance to facilitate implementation of this new feature, and seeks comments on additional issues that may come with pending proposed regulations."
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| 9. |
Groom Law Group in TAXES-The Tax Magazine
Nov. 1, 2021
"Charts ... set forth a summary of the key changes that were made to the program; a majority of the provisions were unchanged."
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| 10. |
Groom Law Group in TAXES-The Tax Magazine
June 27, 2018
"[P]lan sponsors and recordkeepers have wanted the IRS to expand the availability of self-correction of Plan errors, and expand the rules and availability of electronic delivery and electronic signatures.... With the changes to the determination letter program, the increased fees for small plans for filing under [VCP], and the legislative proposals on updating the IT functions at the IRS, now may be the perfect time for these changes."
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