In his State of the Union address, President Joseph Biden targeted tax breaks for corporations and wealthy individuals who use private jets as part of a broader goal to make big corporations and the wealthy pay “their fair...more
The US Internal Revenue Service (IRS) recently issued Revenue Procedure 2022-40 to expand the IRS’s determination letter program to include individually designed 403(b) plans. Previously, the IRS’s determination letter...more
The Internal Revenue Service (IRS) issued an important reminder of the unique application of the limit under Internal Revenue Code (IRC) Section 415(c) to 403(b) plans on August 20, 2021. The IRS’s “Issue Snapshot”...more
Notice 2020-68 from the Internal Revenue Service provides clarifications for sponsors and administrators of 401(k) plans and other qualified retirement plans, 403(b) plans, and 457(b) governmental plans on certain provisions...more
10/6/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Defined Benefit Plans ,
Distribution Rules ,
Employee Benefits ,
IRS ,
Multi-Employer Pensions ,
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SECURE Act
The IRS has extended the last day of the Initial Remedial Amendment Period for Section 403(b) plans from March 31, 2020 to June 30, 2020....more
With the March 31 deadline to correct form defects in plan documents under the Initial Remedial Amendment Period fast approaching, employers now have less than two months to ensure that their 403(b) plans are in compliance...more
2/13/2020
/ 403(b) Plans ,
Cooperative Compliance Regime ,
Employee Benefits ,
EPCRS ,
Hardship Distributions ,
Internal Revenue Code (IRC) ,
IRS ,
Plan Documents ,
Remedial Actions ,
Retirement Plan ,
Tax Code
Plan lays out the agencies' top priorities for the 2013–2014 fiscal year, including those affecting tax-exempt organizations....more
Sponsors of 457(b) plans may receive questionnaires aimed at identifying noncompliance issues.
On June 3, the Employee Plans Compliance Unit of the Internal Revenue Service (IRS) announced the creation of its Section...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