Employers sponsoring 401(k) or other types of defined contribution plans “pre-approved” by the Internal Revenue Service (IRS) should be aware that the restatement deadline is quickly approaching. The IRS requires pre-approved...more
On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-61, which sets forth the 2022 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The...more
11/8/2021
/ 401k ,
403(b) Plans ,
457(b) Plans ,
COLA ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
HDHP ,
HDHPs ,
Health Savings Accounts ,
IRS ,
Qualified Retirement Plans ,
Retirement Plan
Generally, for a tax qualified retirement plan to be adopted, the plan document must be signed and dated by the sponsoring employer and retained. However, in Val Lanes Recreation Center Corp. v. Commissioner of Internal...more
12/27/2019
/ Burden of Proof ,
Determination Letter ,
Employee Benefits ,
EPCRS ,
ESOP ,
Failure to Produce ,
Internal Revenue Code (IRC) ,
IRS ,
Plan Documents ,
Qualified Retirement Plans ,
Retirement Plan ,
Tax Liability ,
Voluntary Correction Program
The Internal Revenue Service (IRS) has released the 2019 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. ...more
11/9/2018
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
ESOP ,
Health Savings Accounts ,
IRS ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Small Employer Plans (SEPs)
IRS Annual Limits on Qualified Plans for 2019 By Jeffrey P. Cairns -
The Internal Revenue Service has released the 2019 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified...more
11/7/2018
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
ESOP ,
Health Savings Accounts ,
IRS ,
Retirement Plan ,
Social Security
On February 23, 2017, the Internal Revenue Service issued a “Memorandum for Employee Plans (EP) Examinations Employees,” outlining Substantiation Guidelines for safe harbor hardship distributions from 401(k) plans...more
Since its availability, many 401(k) plan sponsors, particularly smaller employers have adopted a “Safe Harbor” plan design under Code Section 401(k)(12) or (13) and 401(m)(11) or (12). Safe Harbor plan designs include both a...more
On November 23, 2015 the U.S. Tax Court issued a declaratory judgment that the Internal Revenue Service (IRS) did not abuse its discretion in issuing a Letter of Revocation of the tax qualified status of the Fleming...more
The Internal Revenue Service (IRS) has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely...more
10/26/2015
/ 401k ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Contributions ,
ESOP ,
HDHP ,
Health Savings Accounts ,
IRS ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan
The Internal Revenue Service has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely unchanged...more
In a private letter ruling released on September 18, 2015 (PLR 201538021), the Internal Revenue Service concluded that an employer organized as a limited liability company (LLC) under a state statute, upon making a federal...more
In an IRS Field Attorney Advice Memorandum (FAA 20134301F) dated September 18, 2013, the IRS Office of Chief Counsel reviewed several common bonus plan designs in connection with a request for an opinion with regard to the...more
In Final Regulations issued under Internal Revenue Code Section 401(k) in 2004, the IRS outlined procedures for revoking a safe harbor matching contribution formula after the beginning of a safe harbor plan year. Under those...more
On August 29, 2013, the Treasury Department and the Internal Revenue Service issued a public announcement and released Revenue Ruling 2013-17 wherein it answered a number of open questions concerning the impact of the U.S....more
Recently the Employee Plans Compliance Unit (EPCU) of the Internal Revenue Service completed an informal compliance check of 401(k) plans conducted via an extensive written questionnaire sent to plan sponsors. ...more
The 2010 Affordable Care Act (ACA) includes a number of new taxes and fees to be assessed to pay for many of the new federal health care mandates....more
Code Section 409A which was effective in January 1, 2005, provides strict rules that must be applied to most deferred compensation arrangements accruing benefits after the effective date. Failure to comply with the Code and...more
On December 13 the IRS issued an Information Release reminding employers and individuals of the availability of the “Saver’s Credit” for 2012. Those individuals who have remaining salary and bonuses for 2012 who have not made...more