The IRS has released the 2022 cost-of-living adjustments for limits on employee benefits with some adjustments to the 2022 rates including minor increases to the maximum contributions allowed under Code Section 415 for...more
The IRS released Revenue Procedure 2021-30, a new iteration of the Employee Plans Compliance Resolution System (“EPCRS”), on Friday, July 16. EPCRS permits sponsors of eligible tax-qualified retirement plans and 403(b) plans...more
At the last minute, certain suspended COBRA, HIPAA and claims procedure deadlines that were set to expire on February 28, 2021 have been further extended. As we discussed last year the Department of Labor (DOL) and Internal...more
The IRS has released the 2021 cost-of-living adjustments for limits on employee benefits with some adjustments to the 2021 rates including minor increases to the maximum contributions allowed under Code Section 415 for...more
Similar to last year, in Notice 2020-76, the Internal Revenue Service (the “IRS”) has extended the deadlines for delivery (but not filing) of the 2020 Forms 1094 and 1095 required by the Affordable Care Act (the “ACA”)....more
The IRS has issued guidance (IRS Notice 2020-65) implementing the Executive Order issued in early August by the President that directs that employees be allowed to delay their payment of certain payroll tax obligations during...more
Section 402(f) of the Internal Revenue Code (“Code”) requires certain information to be provided to plan participants eligible to make rollover distributions. Periodically, the IRS has issued model 402(f) notices. ...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) permitted coronavirus-related distributions (CRDs) from qualified retirement plans (employer plans) and individual retirement accounts and similar accounts...more
The IRS has issued Notices 2020-29 and 2020-33 (“Notices”) to give employers with Section 125 cafeteria plans, including health and dependent care spending accounts (FSAs), new flexibility to allow mid-year changes and...more
The Department of Labor (DOL) and Internal Revenue Service (IRS) issued guidance at the end of April intended to extend deadlines and recognize the difficulties of employee benefit plan compliance during the public health...more
The IRS Office of Chief Counsel recently issued a Memorandum of Generic Legal Advice that makes clear that the IRS expects each qualified plan and plan amendment to be signed and retained by the employer....more
Similar to last year, the Internal Revenue Service has given employers a holiday gift – an extension of the deadlines for delivery (but not filing) of 2019 Forms 1094 and 1095....more
The IRS has released the 2020 cost-of-living adjustments for limits on employee benefits with some adjustments to the 2020 rates including minor increases to the maximum elective deferrals, the maximum benefits allowed under...more
11/18/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Contribution Plans ,
Employee Benefits ,
ESOP ,
Health Savings Accounts ,
IRS ,
Retirement Plan
In an expansion of the IRS’ qualified retirement plan determination letter program, employers will now be able to seek an IRS favorable determination letter for individually-designed merged plans and, for a limited time,...more
The IRS and the Treasury Department released Notice 2019-18 on March 6, which serves as a retraction of prior administrative guidance under Notice 2015-49 and indicates that the IRS no longer intends to propose regulations...more
To start the New Year, the IRS issued 92 pages of interim guidance (Notice 2019-09) on Code Section 4960, the Tax Cuts and Jobs Act provision that imposes a 21% excise tax on remuneration in excess of $1 million and excess...more
With Thanksgiving on the horizon, now is the time to check on end of year changes for compliance for your 401(k), 403(b) and other defined contribution pension plans. ...more
The IRS has released the following 2019 adjustments for limits on employee benefits. For the first time since 2015, the highly compensated employee (HCE) limit has increased to $125,000. ...more
On August 21, 2018, the IRS released IRS Notice 2018-68 which contains much-anticipated initial guidance on the application of the grandfathering rules under amended Section 162(m) of the Internal Revenue Code. ...more
In a recent Private Letter Ruling (PLR 201833012), the IRS confirmed that an employer could make nonelective contributions to a 401(k) plan intended to “match” the participant’s student loan repayments....more