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.
Hot Topics for Waste-to-Energy Investors and Developers
I am a fan of the original Highlander movie with Christopher Lambert and Sean Connery. The subsequent sequels and television series make the cannon of the series nonsensical, but I do love the original. Maybe it’s because of...more
Health Care Reform: Agencies Issue Final Regulations on Wellness Programs Under ACA -
The Internal Revenue Service (IRS), Department of Labor (DOL), and the Department of Health and Human Services (HHS) finalized...more
Most doctors loath dealing with financial reports and generally dealing with the business side of the practice of medicine. ...more
Many public companies allow their employees to invest a portion of their retirement plan balances in company stock. By making a company stock fund an available investment in a 401(k) plan, employees may share the potential...more
403(b) retirement plans are similar to 401(k) plans, but the employers who may establish 403(b) plans are limited to public schools, certain tax exempt employers (including religious and charitable...more
A recent report of the IRS’ Exempt Organizations (EO) division provides the results of a multi-year audit of tax-exempt colleges and universities regarding their compliance with IRS reporting requirements. The report focuses...more
On April 10, 2013, President Obama released his proposed Fiscal Year 2014 Budget of the U.S. Government. The budget calls for an increase in funding for the Internal Revenue Service (“IRS”), which has faced budget cuts in...more
IRS amends EPCRS, significantly affecting 403(b) plans, and issues guidance to assist 403(b) plan sponsors in identifying and correcting defects....more
Recognizing that the requirement to have a detailed written plan document for a 403(b) retirement plan was a new and arduous task for many non-profit entities who sponsored such plans, the IRS has now published favorable...more
The Internal Revenue Service recently published final regulations under the Foreign Account Tax Compliance Act (FATCA), which are effective immediately. FATCA imposes significant reporting obligations on both non-U.S....more
Retirement plans can be an effective means for employee retention and tax savings. However if not operated properly, a retirement plan can inadvertently expose the employer to liability from unhappy plan participants and the...more
In his inaugural address in 1933 amidst the Depression, Franklin Delano Roosevelt said that the only thing we had to fear was “fear itself”. 1933 predates ERISA by 40+ years, so FDR clearly didn’t understand the dilemmas of...more
Plan sponsors know that errors and failures in administering a retirement plan happen. All too often, changes in administrators, service providers and other staff uncover errors and compliance problems that should be...more
The IRS recently released new Employee Plans Compliance Resolution System (EPCRS) procedures. The new EPCRS procedures update procedures that were last issued in 2008 (the “2008 EPCRS”). Like the 2008 procedures, the new...more
On January 2 , 2013, President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) (the “Relief Act”) into law. While the principal intention of the Relief Act was to avert the key elements of the “fiscal cliff” by...more
New provisions for correcting operational and plan document errors take effect on April 1.
On December 31, 2012, the Internal Revenue Service (IRS) updated its Employee Plans Compliance Resolution System (EPCRS) through...more
Properly maintaining and administering a retirement plan is a difficult task for most employers. Despite even extreme vigilance, things often go wrong. The list of potential plan errors is endless, and plan sponsors face very...more
The Internal Revenue Service has announced cost of living adjustments (COLA) applicable to dollar limitations for retirement plans for 2013.
Employers should make sure that the individuals in charge of their payroll...more
To kick off 2013, the Internal Revenue Service (IRS) issued Revenue Procedure 2013-12 updating the Employee Plans Compliance Resolution System (EPCRS), the voluntary compliance program for employer-sponsored retirement plans....more
The IRS recently released the long-awaited updated version of the Employee Plans Compliance Resolution System (EPCRS), Revenue Procedure 2013-12. EPCRS allows the sponsor of a tax-deferred retirement plan to voluntarily...more
On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the “Act”), more commonly known as the fiscal cliff legislation. Among other things, the Act amended the tax code to remove some of...more
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the “2012 Act”). The 2012 Act expands the ability of participants in 401(k) and other eligible retirement plans to convert their pre-tax...more
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
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
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