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IRS Lays Out Plan for Maintaining Tax Qualification for Individually-Designed Plans after Elimination of the Determination Letter...

On June 29, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-37, which modifies the Determination Letter Program for tax-qualified plans and the requirements for when plan amendments must be adopted by...more

Individuals Granted Profits Interests Are Treated as Partners, Not Employees

The Internal Revenue Service (the “IRS”) issued temporary and final regulations, effective May 4, 2016, clarifying the employment tax treatment of partners in a partnership that owns a disregarded entity (the “Final...more

IRS Overhauls Determination Letter Process for Individually Designed Plans

On July 21, 2015, the Internal Revenue Service (“IRS”) released Announcement 2015-19, which significantly limits the circumstances under which the IRS will accept determination letter applications for individually designed...more

IRS Provides Helpful Updates to Retirement Plan Correction Program

The IRS has issued Revenue Procedures 2015-27 and 2015-28 (“Rev. Proc. 2015-27” and “Rev. Proc. 2015-28”), which modify the IRS’ retirement plan correction programs known as the Employee Plans Compliance Resolution System...more

IRS Finalizes Forms and Instructions for ACA Information-Reporting Requirements

For the 2015 calendar year, the Patient Protection and Affordable Care Act of 2010 (“ACA”) imposes information-reporting requirements on health insurance issuers and employers. Insurers and employers are required to report to...more

New Hybrid Pension Plan Guidance

The IRS recently issued new final and proposed regulations that provide welcome guidance to sponsors of hybrid pension plans. Hybrid pension plans, such as cash balance plans and pension equity plans, are defined benefit...more

The DOMA Decision – IRS Guidance on Application to Retirement Plans

Since the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act (“DOMA”) June 26, 2013 (U.S. v. Windsor), there have been many questions regarding the recognition of same-sex spouses for qualified retirement...more

IRS Permits Mid-Year Changes to 401(k) Safe Harbor Contributions

On November 14, 2013, the Internal Revenue Service issued final regulations that permit mid-year reductions or suspensions of safe harbor nonelective contributions, and that modify the rules permitting mid-year reductions or...more

11/19/2013  /  401k , IRS , Retirement Plan , Safe Harbors

IRS Modifies 'Use-or-Lose' Rule for Health FSAs

IRS Notice 2013-71 recently modified the longstanding "use-or-lose" rule for health flexible spending arrangements (FSAs) so that covered individuals may now be permitted to carry over up to $500 in unspent funds in their...more

Department of Labor Issues Guidance Affecting Same-Sex Marriages

On September 18, 2013, the United States Department of Labor ("DOL") issued EBSA Technical Release 2013-04 ("Release"), which provides that same-sex couples who enter into marriages in jurisdictions that recognize such...more

The DOMA Decision and Same-Sex Spousal Benefit Issues – IRS Guidance Provides Administrative Relief

On August 29, 2013, the IRS issued Revenue Ruling 2013-17 ("Rev. Rul. 2013-17"), which provides that same-sex couples who enter into marriages in jurisdictions that recognize such marriages will be treated as married for...more

IRS Proposes Regulations on $500,000 Deduction Limit for Compensation Provided by Health Insurance Providers

On April 1, 2013, the Internal Revenue Service (“IRS”) published proposed regulations clarifying the $500,000 deduction limit for compensation provided by certain health insurance providers, which is contained in section...more

IRS Releases Updated Employee Plan Correction Procedures

On December 31, 2012, the Internal Revenue Service (the “IRS”) released Revenue Procedure 2013-12, which contains long-awaited updates to the Employee Plans Compliance Resolution System (“EPCRS”), previously set forth in...more

1/9/2013  /  Audits , EPCRS , IRS , Retirement , Retirement Plan

IRS and DOL Provide Relief for Plan Participants Affected by Hurricane Sandy

On November 16, 2012, the Internal Revenue Service (the “IRS”) released Announcement 2012-44, which relaxes certain procedural requirements for plan loans and hardship withdrawals to participants affected by Hurricane Sandy....more

11/29/2012  /  DOL , Hurricane Sandy , IRS
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