News & Analysis as of

Audits 403(b) Plans

Davis Wright Tremaine LLP

IRS Delays SECURE 2.0 Roth Requirement for Catch-up Contributions Until 2026

On Friday, Aug. 25, 2023, the IRS announced a two-year reprieve for employers on the implementation of SECURE 2.0's requirement that catch-up contributions made by higher-income participants be designated as after-tax Roth...more

Proskauer - Employee Benefits & Executive...

IRS Opens Determination Letter Program to Individually Designed 403(b) Plans

On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). Although...more

Seyfarth Shaw LLP

Coronavirus Update – Impact on Employee Benefit Plan Deadlines

Seyfarth Shaw LLP on

Seyfarth Synopsis: The SARS CoV-2 virus (“coronavirus”) has been declared a global pandemic by the World Health Organization. It’s fair to say that none of us have ever experienced a pandemic, or at least not on this level. ...more

Carlton Fields

US Treasury and IRS Targets for Audit

Carlton Fields on

On October 8, 2019, the U.S. Department of Treasury and the IRS released the 2019-2020 “Priority Guidance Plan” for the 12-month period running from July 1, 2019, through June 30, 2020. The plan sets out the agencies’...more

Eversheds Sutherland (US) LLP

IRS extends RMD audit guidelines for missing participants to 403(b) programs

In a February 2018 memorandum to its Employee Plans examiners, the IRS National Office extended to section 403(b) programs the audit guidelines for required minimum distribution (RMD) failures due to missing participants and...more

BakerHostetler

Compliance Corner: Review of IRS 2013 Audit Priorities

BakerHostetler on

Although the Internal Revenue Service (IRS) is engaged in a variety of ongoing qualified plan compliance, education and audit projects, it is targeting certain types of retirement plans and activities in 2013....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Releases Revised Retirement Plan Correction Program Including Important New Guidance For 403(b) Plans

On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New and Improved Retirement Plan Correction Program Includes Crucial 403(b) Relief

On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more

McDermott Will & Emery

IRS Updates Employee Plans Compliance Resolution System

McDermott Will & Emery on

The Internal Revenue Service (IRS) recently updated the Employee Plans Compliance Resolution System (EPCRS), the comprehensive system of correction programs for sponsors of qualified retirement plans. The components of EPCRS...more

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