Employee Benefits and Executive Compensation: Getting Ready for 2024 - Qualified Plans — Special Edition Podcast
KNOCK YOURSELF OUT - RESUSCITATING TAXPAYERS WITH BUYER'S REMORSE!
As we wrote in November 2018, the Treasury Department issued proposed regulations that significantly relaxed many rules governing hardship distributions from qualified plans, including eliminating requirements that employee...more
On August 14, 2019, the IRS issued Revenue Ruling 2019-19, providing guidance to both tax-qualified plan administrators and participants on the tax treatment of plan distribution checks that are not cashed. ...more
The IRS has updated its “safe harbor explanations” for eligible rollover distributions to reflect recent statutory changes and IRS guidance. Employers should review this latest guidance and update their explanations...more
The IRS recently updated its two model safe harbor explanations that can be used to satisfy the requirement under Section 402(f) to provide notices setting forth certain information to participants who are eligible for...more
Does your qualified retirement plan pay benefits that may be eligible rollover distributions? The IRS requires employers to provide advance notice to participants of their eligibility to rollover the distribution rather than...more
Since 2016, the Internal Revenue Service Tax Exempt and Government Entities Division (TE/GE) has followed a practice of posting “issue snapshots” – technical summaries of tax issues provided for reference purposes – from time...more
Seyfarth Synopsis: The Internal Revenue Service released guidance detailing specific procedures qualified retirement plans may utilize to satisfy required minimum distribution standards for missing participants and...more
With the holidays upon us, we all can relate to how easy it is to mistakenly overlook important things amidst the cheery holiday hustle and bustle: leaving the Christmas ham in the oven a few hours too long, forgetting to...more
Generally, distributions from a qualified retirement plan that are eligible for rollover must be rolled over within 60 days of the date on which the distribution occurs. If a taxpayer did not complete the rollover within 60...more
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
The Internal Revenue Service has issued Notice 2014-74, updating its safe harbor model notices for use by qualified retirement plans to satisfy the special tax notice requirement under Section 402(f) of the Internal Revenue...more
On September 18, the Internal Revenue Service (IRS) issued Notice 2014-54, which clarifies that, subject to some limitations, a single distribution of pre-tax and after-tax amounts from a qualified retirement plan, a 403(b)...more