News & Analysis as of

Internal Revenue Service Corrections

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Foley Hoag LLP

Treasury and IRS Release Proposed Regulations on IRA’s Prevailing Wage and Apprenticeship Requirements

Foley Hoag LLP on

The U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) have issued proposed regulations interpreting the Inflation Reduction Act’s (IRA) prevailing wage and apprenticeship requirements (Labor...more

Holland & Hart - The Benefits Dial

E-P-C-R-S, find out what it means to me … new IRS Correction Guidance

On July 16, 2021, the IRS released updated Employee Plans Compliance Resolution System (EPCRS) guidance for Plan corrections in the form of Rev. Proc. 2021-30. The changes affect the three programs offered by the IRS for...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t gamble for a DOL audit

The last two times I was in Las Vegas, I didn’t gamble a penny. I didn’t gamble because I hate to lose. Yet I see so many plan sponsors and plan providers gamble by not correcting a glaring compliance issue and play that...more

Laner Muchin, Ltd.

Correction: Employers Could Face Scrutiny, Including From Immigration And Customs Enforcement, If They Cannot Produce Valid Social...

Laner Muchin, Ltd. on

In a September 12, 2016 Fast Laner article, it was incorrectly stated that penalties that could be issued by the IRS for late or incorrect forms submitted pursuant to the Affordable Care Act (ACA) were capped at $1.5 million....more

McDermott Will & Emery

Review of Section 409A Proposed Regulations

On June 22, 2016, the Internal Revenue Service (IRS) issued proposed changes to the regulations under the Internal Revenue Code (Code) §409A. The Code intends to clarify or modify a wide range of very restrictive rules...more

Skadden, Arps, Slate, Meagher & Flom LLP

"IRS Corrects Effective Date of Recently Issued Built-in Gain Regulations"

The Internal Revenue Service (IRS) and Treasury Department today issued a much-welcomed technical correction to the effective date of the recently issued “built-in gain” regulations regarding real estate investment trust...more

Balch & Bingham LLP

So I Made This Little 1095-C Mistake. Big Deal?

Balch & Bingham LLP on

The 2015 Instructions for Forms 1094-C and 1095-C tell Applicable Large Employers how to furnish and file corrections to incorrectly filed Forms 1095-C. ...more

Orrick, Herrington & Sutcliffe LLP

Missed Deferrals - New 401(k) Correction Procedures

The IRS has recently issued three new, less expensive safe harbor procedures for correcting missed elective deferrals. These new procedures require either no employer corrective contribution to make up the missed elective...more

McGuireWoods LLP

IRS Provides New Flexibility to Correct Retirement Plan Errors

McGuireWoods LLP on

The IRS recently issued important updates to its Employee Plans Compliance Resolution System (EPCRS). The updates are contained in Revenue Procedures 2015-27 and 2015-28. ...more

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