Internal Revenue Service Employee Benefits

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.  
News & Analysis as of

DOL Proposal Would Fundamentally Alter Fiduciary Relationship

Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more

Federal Agencies Issue Regulations Governing Benefit Reductions and Partitions for Underfunded Multiemployer Pension Plans

On June 17, 2015, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) released several regulatory measures implementing the multiemployer pension plan amendments that were enacted in...more

SEC Extends Rule 482 Relief to Non-ERISA Retirement Plans

The SEC staff issued a no-action letter on February 18 that is important for many participant-directed individual account retirement plans (including some established under Section 403(b) of the Internal Revenue Code) that...more

Federal Agencies Issue Regulations Governing Benefit Reductions and Partitions for Underfunded Multiemployer Pension Plans

On June 17, 2015, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) released several regulatory measures implementing the multiemployer pension plan amendments that were enacted in...more

Davidson v. Henkel — What’s Going On With Nonqualified Deferred Compensation Plans and FICA

In This Presentation: - Davidson v. Henkel Corp. - The Parties - NQ Plan - The Plan’s Tax Clauses - Davidson’s Pre-Retirement Counseling - 2011 Compliance Review and Letter - Henkel’s Tax...more

Using Your IRA to Buy a Business: Still a Risky Strategy

I blogged in the past about decisions in which taxpayers have used assets in their IRA to finance a new business. This structure is sometimes known as a ROBS or rollover for business startups. In 2013, the tax court held that...more

DOL Report on Quality of Independent Plan Audits Shows that Plan Sponsors Must Continually Monitor Plan Compliance

The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) recently released “Assessing the Quality of Employee Benefit Plan Audits,” a comprehensive report reviewing the quality of audit work...more

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

Calendar Year Plans Need to File Form 5500 by July 31, 2015

The Form 5500 and Form 5500-EZ are annual reports that must be filed for every employee benefit plan that covers 100 or more participants. For calendar year plans, these forms must be filed by July 31, 2015....more

Bill Introduced to Repeal Cadillac Tax

A bill has been introduced in the House of Representatives that would repeal the “Cadillac Tax” provision of the Affordable Care Act (codified in Internal Revenue Code Section 4980I). The Cadillac Tax provision imposes an...more

More and Less Expensive Options for Retirement Plan Corrections: New IRS Guidance on EPCRS

In This Issue: - Rev. Proc. 2015-27 - Rev. Proc. 2015-28 - For More Information - Excerpt from Rev. Proc. 2015-27: Rev. Proc. 2015-27 may be used beginning March 27, 2015 and is effective July 1,...more

Locke Lord QuickStudy: IRS Changes Retirement Plan Correction Program (EPCRS)

The Internal Revenue Service (IRS) recently issued two revenue procedures that modify the Employee Plans Compliance Resolution System (EPCRS). EPCRS sets forth the various correction programs and correction methodologies for...more

2014 Pension Plan Regulatory Highlights

The start of the new year is as good a time as any to look back at some of the employee benefits regulatory developments of 2014 that were not previously covered in this column. Originally published in Employee Benefit...more

Medical Insurance Premium Reimbursement — A Brief Reprieve for Small Employers

Some employers – particularly smaller ones – have assisted their employees to obtain health insurance by reimbursing them for the cost of insurance they purchase in the individual market. Does this practice satisfy the...more

Immediate Action Required to Maximize Tax Savings for Mass Transit

Congress and the IRS have expanded the availability and procedures for maximizing the income tax and FICA tax exclusion for mass transit benefits, but immediate action is required to satisfy the IRS special relief provisions...more

Employers: 2015 deadlines approach to furnish incentive stock option and employee stock purchase plan information statements and...

Section 6039 of the Internal Revenue Code requires a corporation to furnish a written statement to any employee or former employee who either (i) exercised an incentive stock option within the meaning of Section 422 of the...more

Monthly Benefits Update - December 2014

Illinois Becomes the First State to Require Automatic Retirement Savings Program for Workers Without Access to a Workplace Retirement Plan - On January 5, 2015, outgoing Governor Quinn signed landmark legislation that...more

New York City Mayor de Blasio Signs Affordable Transit Act into Law

On October 20, 2014, New York City Mayor Bill de Blasio signed Local Law 53, the Affordable Transit Act. Under this new law, New York City businesses with 20 or more full-time employees will be required to offer a federal...more

Final regulations on qualified longevity annuity contracts

An ongoing focus for the IRS and the DOL has been trying to ensure that individuals have a regular stream of income for the duration of their lives. In connection with this goal, in July of this year, the IRS released final...more

Feed Me! Thanksgiving Turkeys, Free Lunches, and Wage and Hour Law

With the Thanksgiving holiday ahead of us, we have reached the time of year where some employers start handing out Thanksgiving turkeys, holiday hams, and other gifts to employees, while others provide free or discounted...more

On-Premises Fringe Benefits, Part II: Is There Such a Thing as a Free Lunch?

In part one of this two-part series, “On-Premises Fringe Benefits, Part I: Is There Such a Thing as a Free Lunch?,” I discussed the Internal Revenue Code’s provisions on tax-free employer-provided meals in addition to the...more

IRS Allows Cafeteria Plan Election Changes to Coordinate With ACA Exchanges

New IRS guidance adds two more events that allow participants to change their cafeteria plan elections outside of the annual open enrollment period. These events are designed to coordinate with the employer coverage rules and...more

On-Premises Fringe Benefits, Part I: Is There Such a Thing as a Free Lunch?

It is no secret that many Silicon Valley employers serve free gourmet meals to their employees—the Wall Street Journal, Bon Appétit magazine, Time, Forbes, and other media sources have reported on this benefit. In addition,...more

The Employment Law Authority - October/November 2014

In This Issue: - Employee Benefits. Recent IRS letter reminds employers about issues associated with offering “free” parking - State Round-Up. Learn about the latest employment law news in your state -...more

IRS Seeks to Curb Popularity of ‘Skinny’ Health Plans

The Internal Revenue Service, in Notice 2014-69, has concluded that certain unconventional group health plan designs that offer limited or no coverage for in-patient hospitalization services and/or physician services will not...more

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