News & Analysis as of

Internal Revenue Service Employee Benefits Natural Disasters

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
McDermott Will & Emery

Weekly IRS Roundup October 3 – October 7, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 3, 2022 – October 7, 2022...more

Snell & Wilmer

IRS Confirms Major Disaster Leave-Sharing Program Use for COVID-19 Pandemic

Snell & Wilmer on

On August 3, 2020, the IRS posted a short set of frequently asked questions for leave-sharing programs which confirm that major disaster leave-sharing programs under IRS Notice 2006-59 can be used for employees who have been...more

Bricker Graydon LLP

401(k) and 403(b) plans must be updated January 1, 2020

Bricker Graydon LLP on

The IRS recently issued final regulations to standardize the administration of hardship distributions. Plans that permit hardship distributions must implement operational changes for hardship distributions by January 1, 2020,...more

McNees Wallace & Nurick LLC

IRS Finalizes Hardship Withdrawal Regulations

Not all 401(K) and other qualified plans allow hardship withdrawals, but if your plan does allow hardship withdrawals, make sure it is compliant with the new rules finalized in September.   All of the changes are optional for...more

Bradley Arant Boult Cummings LLP

IRS Finalizes Revised Hardship Regulations - Employee Benefits Alert

The Internal Revenue Service (IRS) has finalized revisions to the regulations governing hardship distributions under 401(k) and 403(b) plans. The final regulations make some subtle but important changes to the regulations...more

Carlton Fields

Plan Amendment Deadline Approaching for Plans That Implemented Hardship Changes in 2018 and 2019

Carlton Fields on

Retirement plan sponsors that implemented hardship distribution changes and other disaster relief in 2018 and 2019 probably have to amend their plan documents by the end of this year if they haven’t done so already. We...more

Kilpatrick

IRS Updates Operational Compliance List for Qualified Retirement Plans

Kilpatrick on

The IRS has published its Operational Compliance List for 2019, which reflects legislative or regulatory changes that may impact the administration of qualified retirement plans. Generally, plan amendments incorporating...more

Kilpatrick

IRS Proposes New Hardship Distribution Regulations; Regulations to Prohibit Deferral Suspensions Beginning 2020 and Provide a New...

Kilpatrick on

The Internal Revenue Service (“IRS”) has issued proposed regulations that would change the rules for hardship distributions from 401(k) and 403(b) plans. The hardship distribution rules allow participants in these plans who...more

K&L Gates LLP

Tax and Budget Bills Include Tax Qualified Retirement Plan Provisions

K&L Gates LLP on

The tax bill enacted late last year (Public Law No. 115-97) and the budget bill enacted earlier this month (the Bipartisan Budget Act of 2018) included a handful of changes to the rules applicable to tax-qualified retirement...more

Snell & Wilmer

Hardship Distribution Changes – Tax Reform May Have Unintended Consequences

Snell & Wilmer on

When tax reform proposals were floating around in the fall of 2017, several early proposals to the Tax Cuts and Jobs Act (the “Act”) included changes to the hardship distribution rules for qualified retirement plans. However,...more

Snell & Wilmer

2017 End of Year Plan Sponsor “To Do” List Qualified Retirement Plans (Part 4)

Snell & Wilmer on

As 2017 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered...more

Alston & Bird

Qualified Retirement Plan Amendments: Year-End Update

Alston & Bird on

This advisory reminds plan sponsors of deadlines for amending qualified retirement plans and certain year-end legal updates. Plan sponsors who have added optional features to a retirement plan during 2017 (e.g., a plan...more

Kilpatrick

Hurricane Relief Legislation for Retirement Plans

Kilpatrick on

We addressed hurricane relief for retirement plans offered by the IRS and other agencies in previous blog posts While the IRS relief allows for easier access to retirement funds on account of losses due to the recent...more

Bond Schoeneck & King PLLC

Help Us (and the Code) Help You! Helping Employees/Co-Workers in a Crisis

In response to disasters such as hurricanes and earthquakes, the general community comes together to assist those in need — donating our blood, time, money, and belongings. We respond similarly when one of our co-workers...more

Patterson Belknap Webb & Tyler LLP

IRS Relaxes Rules for Plan Loans and Hardship Distributions for Hurricane Harvey and Hurricane Irma Victims

The IRS announced (through the two announcements 2017-11 and 2017-13) relief for victims of Hurricane Harvey, which struck Texas and surrounding areas in August 2017, and victims of Hurricane Irma, which struck Florida and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Relief for Hurricane Victims

Thanks to the damage caused by Hurricane Harvey and Hurricane Irma, the Internal Revenue Service (IRS), Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC) have granted extensions of certain...more

Bradley Arant Boult Cummings LLP

IRS Issues Guidance to Ease Assistance for Hurricane Recovery

While Hurricanes Harvey and Irma have subsided, recovery efforts have just begun. In an effort to help bring timely assistance to beleaguered residents of areas hard hit by the storms, the Internal Revenue Service (IRS) has...more

Fox Rothschild LLP

IRS Announces Benefits Relief For Hurricane Victims

Fox Rothschild LLP on

In the wake of Hurricane Harvey, the IRS provided some employee benefits-related relief to plan sponsors and participants. That relief was then extended to the victims of Hurricane Irma....more

Alston & Bird

Dealing with Disaster: Issues and Relief for Employee Benefit Plans

Alston & Bird on

In the period following natural disasters such as Hurricanes Harvey and Irma, employer plan sponsors will be faced with any number of hardship-related employee benefit plan administration issues. Many of these involve...more

Robinson & Cole LLP

Special Rules for Plans due to Hurricane Irma

Robinson & Cole LLP on

On September 12, 2017, the Internal Revenue Service (IRS) issued Announcement 2017-13, which provides guidance on the ability of qualified plans to provide plan loans and hardship distributions to people in Florida affected...more

Pillsbury Winthrop Shaw Pittman LLP

Internal Revenue Service Provides Helpful Relief to Hurricane Victims

Announcement 2017-11 (Announcement) provides that a tax-qualified employer retirement plan may treat a distribution to a current or former employee covered by the Announcement as on account of hardship or an unforeseeable...more

Bracewell LLP

Hurricane Harvey Relief for Employees

Bracewell LLP on

Following Hurricane Harvey and its resulting destruction, many employees are in need of financial assistance and/or early access to retirement funds. We will highlight how employers can make direct financial assistance...more

McAfee & Taft

IRS announces special relief to help victims of Hurricane Harvey

McAfee & Taft on

Last week the IRS announced that 401(k) plans and certain similar employer-sponsored retirement plans can make loans and hardship distributions to help victims of Hurricane Harvey....more

Jackson Walker

IRS Provides for Expedited Loans and Hardship Distributions from Retirement Plans

Jackson Walker on

The IRS announced last week that it will allow victims of Hurricane Harvey and their families to more easily access assets held in employer-sponsored retirement plans. Specifically, the IRS will allow certain retirement plans...more

Seyfarth Shaw LLP

IRS Allows Employees to Donate the Value of PTO for Hurricane Harvey Victims

Seyfarth Shaw LLP on

Seyfarth Synopsis: The IRS has announced a program that allows employees to donate the value of their vacation, sick time, or other paid time off (“PTO”) for the relief of victims of Hurricane or Tropical Storm Harvey. ...more

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