In January 2024, the Internal Revenue Service (IRS) released Notice 2024-22, providing guidance with respect to anti-abuse rules for Pension-Linked Emergency Savings Accounts (PLESAs), a new provision created by the SECURE 2.0 Act of 2022 (SECURE 2.0).
Read MoreThe Internal Revenue Service (IRS) has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.
Read MoreThe 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).
Read MoreThe coronavirus pandemic resulted in restrictions on where and how people could meet. These limitations—including remote work requirements—made it harder for some participants to take distributions from employer-sponsored retirement plans. In response, the IRS issued temporary relief allowing spousal consent to be obtained using remote notary services.
Read MoreThe IRS will not enforce the 50 percent excess accumulation penalty tax for certain beneficiaries.
Read MoreThe Department of Labor’s Wage and Hour Division has once again released guidance on the definition of “employee.”
Read MoreThe IRS issued final regulations in June to help clarify the new mandatory 60-day postponement period for certain tax-related acts following a federally declared disaster. Learn more about the practical implications of the final regulations.
Read MoreThe DOL has issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption. The first piece contains a detailed set of FAQs for investment professionals and financial organizations. The second piece is written for retirement investors. Here are the main takeaways from this latest round of guidance.
Read MoreThe IRS has released final regulations on computing unrelated business taxable income for a tax-exempt organization. While the guidance may affect a relatively small portion of tax-exempt retirement plans, for those plans that invest in certain types of assets, however, knowing the rules will be important.
Read MoreThese regulations—when made final—may clarify the interplay between the new mandatory 60-day postponement rule and existing disaster relief. But practically, not much is likely to change. The IRS will continue to exercise its considerable authority to postpone tax-related deadlines. Postponements will generally continue to exceed 60 days. And individuals will still rely on the IRS to identify which disasters and tax-related items will qualify for deadline postponement.
Read MoreRecent IRS guidance addresses reporting and withholding issues related to escheatment of retirement plan assets. This guidance also adds receipt of escheated funds to the list of approved reasons for individuals to self-certify that they qualify for the 60-day rollover waiver.
Read MoreSome provisions of the SECURE Act took effect mere days after enactment—on January 1, 2020—making implementation difficult. Industry groups have requested that the IRS expedite guidance on the most pressing questions. Here’s the guidance that we have so far: some is explicit and some we can glean through draft instructions for required tax reporting.
Read MoreUnderstanding the SECURE Act provisions will help you provide the best service possible to your clients. There are certain provisions that will more significantly affect your retirement savings plan business.
Read MoreThe IRS has expanded the availability of self-correction options under the Employee Plans Compliance Resolution System in a move to increase plan compliance and reduce costs for employers.
Read MoreThe IRS has modified its Voluntary Correction Program procedures under the Employee Plans Compliance Resolution System in a move to electronic filing and fee payments beginning in April 2019.
Read MoreIn response to the growing financial crisis of outstanding student loan debt, some employers have found a way to help employees pay off their student loan debt and save for retirement.
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