The IRS recently published its final regulations addressing changes to Tax Code Section 401(a)(9), relating to required minimum distributions (RMDs), under the Setting Every Community Up for Retirement Enhancement Act of 2019...more
8/20/2024
/ Benefit Plan Sponsors ,
Compensation & Benefits ,
Employee Benefits ,
Final Rules ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act
As we’ve previously discussed, the IRS started issuing Letters 226J in late 2017. It continues to send these letters to employers each year proposing that the employer owes an Employer Shared Responsibility Payment (ESRP) for...more
Earlier this year, the IRS issued a revised Form W-4P (Withholding Certificate for Pension or Annuity Payments) and a new Form W-4R (Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions), both...more
As we previously reported in 2020, the IRS granted temporary relief from the physical presence requirement under regulations governing participant elections and spousal consents for certain retirement plans. Generally, those...more
The IRS recently issued Notice 2021-26, which provides guidance related to certain pandemic relief provisions including carry-overs and extended grace periods which impact dependent care assistance programs (DCAPs) provided...more
As we previously reported, the recently enacted American Rescue Plan Act of 2021 (ARPA) includes a six-month COBRA premium subsidy whereby the federal government subsidizes 100% of the COBRA premium during the period of April...more
5/26/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Health Insurance ,
IRS ,
New Guidance ,
Premium Subsidies ,
Premiums ,
Relief Measures ,
Tax Credits
On December 27, 2020, the President signed a bill passed by Congress providing additional COVID-19 related relief and stimulus. The key provisions impacting employers and current and former employees are summarized below,...more
1/4/2021
/ CARES Act ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Economic Injury Disaster Loans ,
Emergency Sick Leave Laws ,
Families First Coronavirus Response Act (FFCRA) ,
Financial Stimulus ,
IRS ,
Paid Leave ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Sick Leave ,
Tax Credits ,
Time Extensions ,
Unemployment Benefits
On August 8, 2020, President Trump issued an Executive Order to the Secretary of Treasury directing the Department to defer the obligation of employers to withhold, deposit, and pay the employee share of Social Security...more
In IRS Notice 2020-42, and in light of current social distancing rules, the IRS recently granted temporary relief from the physical presence requirement under regulations governing participant elections. Generally, those...more
The Internal Revenue Service (IRS) recently issued Notice 2020-29 and Notice 2020-33 to provide relief for employees participating in a Section 125 cafeteria plan. Although temporary, the changes will provide employees...more
Earlier this year, we summarized proposed Treasury regulations and the Bipartisan Budget Act of 2018, which made changes to the rules governing hardship distributions from 401(k) and 403(b) plans....more
10/14/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Bipartisan Budget Act ,
Employee Benefits ,
Final Rules ,
Hardship Distributions ,
IRS ,
New Rules ,
Plan Documents ,
Qualified Retirement Plans ,
Retirement Plan ,
Safe Harbors ,
U.S. Treasury
Retirement plan administrators can run into issues with uncashed distribution checks, most often when those distributions are mandated as required minimum distributions under the Tax Code. Last month, the IRS issued Revenue...more
The Department of Labor published final regulations on July 31, 2019, making it easier for multiple employers to band together to sponsor a single retirement plan (i.e., a multiple employer plan or MEP), thereby reducing the...more
In its latest iteration of the Employee Plans Compliance Resolution System (“EPCRS”), in Revenue Procedure 2019-19, the IRS opened the self-correction window a bit wider by allowing qualified retirement plans that meet...more
The IRS recently issued a Technical Advice Memorandum (TAM) demonstrating the level of scrutiny that the IRS will apply in the case of the business meal exclusion....more
Now that January 31st has passed, it is worth noting that the IRS recently issued proposed regulations providing for a de minimis error safe harbor exception to penalties for failing to provide accurate statements or...more
Last month, the IRS issued a Private Letter Ruling in which it approved a company’s proposed program to condition employer contributions to a 401(k) plan on an employee making student loan payments....more