News & Analysis as of

Retirement Plan Internal Revenue Service Loans

Foley & Lardner LLP

401(k) Compliance Check #12: Don’t Borrow Trouble – Correcting Retirement Plan Loan Errors

Foley & Lardner LLP on

In last month’s 401(k) Compliance Check, we discussed the importance of developing (and maintaining) best practices for handling beneficiary designations. This month, we discuss one of the most common problems faced by 401(k)...more

Pullman & Comley - Labor, Employment and...

Mortgage or other Third Party Loan Investments in Your Plan?  Do they Pass Muster under IRS Issue Snapshot?

The IRS Issue Snapshot-Third Party Loans from Plans dated August 23, 2022 is a short advice document for examiners to use when auditing tax-qualified retirement plans that invest in mortgages or other third party loans. IRS...more

Bowditch & Dewey

Can I Withdraw Funds From My Retirement Account During COVID-19?

Bowditch & Dewey on

The Paycheck Protection Program money is spent, the temporary $600 weekly unemployment supplement is over, and we still need money. We could draw on our savings, sell investments, or take out a loan against our home. Usually,...more

Foley & Lardner LLP

IRS Provides Additional Guidance for CARES Act Retirement Plan Loans and Distributions

Foley & Lardner LLP on

On June 19, 2020, the IRS issued Notice 2020-50 (the “Notice”), which provides additional guidance regarding coronavirus distributions and loans from qualified retirement plans under the Coronavirus Aid, Relief, and Economic...more

Patterson Belknap Webb & Tyler LLP

COVID-19 Update: IRS Issues Guidance on Coronavirus-Related Distributions and Plan Loans Under the CARES Act

The IRS recently issued IRS Notice 2020-50 (“Notice 2020-50”) which provides guidance for retirement plan sponsors and administrators, as well as to individuals, relating to the application of coronavirus-related...more

Davis Wright Tremaine LLP

CARES Act Gets Needed Expansion and Clarification

The IRS has significantly expanded the categories of "qualified individuals" who can receive distributions and loans with favorable tax treatment to include individuals who have suffered a pay cut and those whose spouses and...more

Nelson Mullins Riley & Scarborough LLP

IRS Eases COVID Distribution Rules: More Individuals Can Withdraw or Borrow From Retirement Accounts

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

Clark Hill PLC

IRS Expands Definition of Qualified Individuals for Purposes of CARES Act Retirement Plan Distributions and Loans

Clark Hill PLC on

On Friday, June 19, 2020, the Internal Revenue Service released Notice 2020-50 (PDF) to help retirement plan participants affected by COVID-19 take advantage of the CARES Act provisions providing enhanced access to plan...more

Dickinson Wright

New Deadlines for Retirement Plans, Tax Filings and Paid Leave Policies

Dickinson Wright on

The Coronavirus Aid, Relief and Economic Security Act (“CARES”), and IRS and Department of Labor (“DOL”) rules establish new and revised deadlines for retirement plans and other benefit programs. The following is an outline...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Old loans can come back to bite you in an audit

There is nothing wrong with offering loans with your 401(k) plan. What will be wrong is if the program isn’t administered properly and you don’t have the backup to prove you administered it correctly....more

Verrill

Recap of Change to Retirement Plan Rollover Rules for Plan Loan Offsets

Verrill on

The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and participants. ...more

Holland & Hart - Employers' Lawyers

Significant Expansion of IRS Self-Correction Program for Retirement Plan Errors

On April 19, 2019, the IRS issued Revenue Procedure 2019-19 (the “Revenue Procedure”), the latest update to and restatement of the Employee Plans Compliance Resolution System, its retirement plans correction program....more

Tucker Arensberg, P.C.

New Rollover Rules For Participant Loans Can Help With Corporate Transactions

Tucker Arensberg, P.C. on

When a company is sold and its retirement plan is terminated, an employee with an outstanding participant loan under the plan may have a problem. If the buyer and seller work together, the employee can be offered a choice to...more

Eversheds Sutherland (US) LLP

IRS posts six more “issue snapshots” for retirement plans

Since 2016, the Internal Revenue Service Tax Exempt and Government Entities Division (TE/GE) has followed a practice of posting “issue snapshots” – technical summaries of tax issues provided for reference purposes – from time...more

Dickinson Wright

Common But Costly Mistakes in 401(k) Plan Loans

Dickinson Wright on

Many 401(k) plans allow participants to borrow amounts from their vested 401(k) plan accounts and repay such amounts, typically through payroll deductions, back to their own accounts. Plan loans must comply with IRS rules...more

Holland & Knight LLP

Tax Reform's Impact on 401(k) Plan Loan Offset Treatment - Actions for Plan Administrators and Human Resources Benefits Managers

Holland & Knight LLP on

• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more

McDermott Will & Emery

New Hurricane Legislation Grants Additional Distribution, Withdrawal and Loan Relief for Certain Retirement Plan Participants

McDermott Will & Emery on

The new Disaster Tax Relief and Airport and Airway Extension Act of 2017 provides additional relief and flexibility for retirement plan participants impacted by recent hurricanes, including relaxed rules for plan...more

Carlton Fields

Retirement Plan and Leave Donation Programs During States of Emergencies

Carlton Fields on

This article should interest employers offering retirement plan benefits or leave donation programs to employees affected by Hurricanes Harvey and Irma, in particular, and in various states of emergencies, in general. It...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

Snell & Wilmer

IRS Issues Hurricane Harvey Relief

Snell & Wilmer on

In Announcement 2017-11, the IRS relaxed standards for hardship distributions and loans from qualified retirement plans for those affected by Hurricane Harvey. This relief applies to employees or former employees and their...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

Kilpatrick

IRS Allows Easier Access to Retirement Funds for Hurricane Harvey Victims

Kilpatrick on

The IRS issued an announcement that may allow participants and beneficiaries of 401(k) plans or 403(b) plans that have been affected by Hurricane Harvey easier access to their retirement funds until January 31, 2018. ...more

Ballard Spahr LLP

IRS Eases Rules for Plan Loans and Hardship Distributions After Hurricane Harvey

Ballard Spahr LLP on

The IRS has released Announcement 2017-11 to provide relief to taxpayers from requirements for loans and hardship distributions for participants of qualified retirement plans who have been adversely affected by Hurricane...more

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