News & Analysis as of

U.S. Treasury Roth IRA

Seyfarth Shaw LLP

Year-End Estate Planning for 2023

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A strong stock market and “soft landing” have generated significant wealth this year. The gift tax, estate tax and generation-skipping transfer tax are all imposed on the fair market value of assets at the time of transfer....more

Kohrman Jackson & Krantz LLP

Treasury Provides Temporary Relief from 401(k) Catch-up Contributions Rollback - Update

The Secure 2.0 Act (Secure 2.0), a sweeping retirement bill included in Division T of the Consolidated Appropriations Act of 2023, was a major bipartisan accomplishment of the 117th Congress. The bill included 82 provisions...more

Williams Mullen

Treasury Issues Anticipated Relief for New Catch-up Contribution Rule

Williams Mullen on

The Internal Revenue Service (“IRS”) provided welcome relief for administrators of plans offering catch-up contributions. Notice 2023-62, issued on August 25, essentially delays the effective date of a provision under the...more

Bass, Berry & Sims PLC

Amid Concerns, IRS Delays Required Roth Catch-Ups Until 2026 to Allow For Plan Compliance

Bass, Berry & Sims PLC on

Late last week, the Internal Revenue Service (IRS) issued guidance on Section 603 of the SECURE 2.0 Act with respect to catch-up contributions. The guidance includes a two-year administrative transition period – until 2026 –...more

Ballard Spahr LLP

IRS Delays Enforcement of Roth Catch-Up Contribution Requirement for Two Years

Ballard Spahr LLP on

The IRS issued guidance on Friday, August 25, 2023, under Section 603 of the SECURE 2.0 Act of 2022, which requires age-based catch-up contributions by high-paid employees to a 401(k), 403(b), or governmental 457(b) plan to...more

Bradley Arant Boult Cummings LLP

IRS Announces Transition Period for Roth Catch-Up Contributions

The Internal Revenue Service (IRS) has announced a two-year administrative transition period that delays until 2026 the new rule that catch-up contributions made by certain higher‑income participants in 401(k), 403(b), and...more

Seyfarth Shaw LLP

Two Year Transition Period for Implementation of Mandatory Roth Catch-Up Contributions

Seyfarth Shaw LLP on

Last week, the IRS issued Notice 2023-62, providing welcome guidance relating to the mandatory Roth catch-up provision under Section 603 of the SECURE Act 2.0 (“S2”), which is effective for plan years beginning after December...more

McDermott Will & Emery

Just Catching Up? Oops! Congress Clarifies Catch-Up Contributions Are Here to Stay

McDermott Will & Emery on

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. Section 603 of the SECURE 2.0 Act requires catch-up contributions made by...more

Brownstein Hyatt Farber Schreck

Taxation & Representation - May 2019 #2

Tax Tidbit - Regulators have until June 22 to finalize guidance on the Tax Cuts and Jobs Act (P.L.115-97). The 18-month mark since the legislation was signed into law is quickly approaching. The Treasury Department and...more

Franczek P.C.

Employee Benefits Alert - July 2015

Franczek P.C. on

Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...more

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