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Retirement Plan › Internal Revenue Service › Tax Penalties

Pullman & Comley - Labor, Employment and...

A Cautionary Tale for Retirement Plan Sponsors’ Avoidable Late Filing Penalties

Pullman & Comley - Labor, Employment and... on

Do you remember the scene in the Wizard of Oz when Dorothy, the Scarecrow and Tin Man were walking into the forest chanting “lions and tigers and bears, oh my”?  I could not help but mutter “oh my” under my breath when I...more

Fisher Phillips

2021 Limits for Benefit Plans

Fisher Phillips on

The IRS has announced the 2021 dollar limits impacting retirement plans and IRAs. The agency also issued welfare plan limits, as well as ACA penalties. The chart below summarizes these 2021 figures along with the...more

Brownstein Hyatt Farber Schreck

IRS Expands Self-Correction of Retirement Plan Errors

Brownstein Hyatt Farber Schreck on

In guidance issued on April 19, 2019, the IRS expands the situations in which retirement plan sponsors can self-correct compliance failures without first having to seek IRS approval or paying a fee. Employers should be aware...more

McNees Wallace & Nurick LLC

IRS Expands Self-Correction Program for Retirement Plans

McNees Wallace & Nurick LLC on

In Revenue Procedure 2019-19 effective April 19, 2019, the IRS expanded a plan sponsor’s ability to Self-Correct certain retirement plan failures. This expansion makes it easier for plan sponsors to fix retirement plan...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - April/May 2019: Estate Planning Pitfall - The 60-day IRA rollover deadline has passed

Adler Pollock & Sheehan P.C. on

Obviously, qualified retirement plans such as 401(k) plans and IRAs are meant to provide retirement savings. However, those who don’t have to draw heavily, if at all, on plan and IRA assets can preserve a tidy nest egg for...more

McNees Wallace & Nurick LLC

New IRS Regulations Ease the Way for Hardship Withdrawals from Qualified Retirement Plans

McNees Wallace & Nurick LLC on

On February 9, 2018, the Bipartisan Budget Act (the “Act”) was signed into law. The Act directed the IRS to revise regulations governing hardship withdrawal provisions in qualified plans. ...more

Bradley Arant Boult Cummings LLP

IRS Updates EPCRS Plan Correction Procedure - Employee Benefits Alert

Bradley Arant Boult Cummings LLP on

Through Revenue Procedure 2018-52, the Internal Revenue Service (IRS) has recently updated its system of correction programs for retirement plans known as the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits...more

Womble Bond Dickinson

New Rule Governing Retirement Advice Shakes Up Traditional Broker Compensation

Womble Bond Dickinson on

On April 6, 2016, the U.S. Department of Labor released its long-awaited and controversial fiduciary rule expanding the definition of who is a fiduciary when providing investment advice on retirement accounts. The rule aims...more

McDermott Will & Emery

What You Need to Know About FATCA’s Impact on Non-U.S. Retirement Plans

McDermott Will & Emery on

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

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