IRS Issues Advice on Nonfungible Tokens (NFTs) in IRS and Tax Qualified Individual Account Plans - Marcia Wagner, 401(k) Advisor, May 2023
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IRS Announces 2024 HSA and HRA Limits
The IRS has announced the 2024 calendar year dollar limits for health savings account (“HSA”) contributions, the minimum deductible amounts and maximum out-of-pocket expenses for high deductible health plans (“HDHPs”) and the health reimbursement account (“HRA”)...
IRS Issues Guidance on Nonfungible Tokens (“NFTs”) in IRAs and Tax-Qualified Individual Account Plans
By Barry Salkin and Jon Schultze Unlike ERISA, the Internal Revenue Code (“Code”) places almost no restrictions on the manner in which plan assets of individual retirement plans or tax-qualified defined contribution plans can be invested. Certain types of investments...
House Republicans Vow To Immediately Repeal Funding For 87,000 IRS Agents
House Republicans Vow To Immediately Repeal Funding For 87,000 IRS Agents - Marcia Wagner, Financial Advisor Magazine, November 18, 2022 (PDF)
Recent Successful Challenges to IRS Actions and Positions
Recent Successful Challenges to IRS Actions and Positions - Barry Salkin, New York University 2022 Review of Employee Benefits and Executive Compensation
IRS Releases 2023 Welfare Benefit Plan Limits
The IRS has released Revenue Procedure 2022-38, which sets forth the 2023 inflation-adjusted limits for certain employee welfare benefit plans and the dollar amounts used for certain discrimination tests. Health Flexible Spending Accounts (“FSAs”). The 2023 limit for...
IRS Issues Important Guidance with respect to Required Minimum Distribution Regulations
By Jon Schultze and Barry Salkin The SECURE Act made significant revisions to the required minimum distribution rules under Internal Revenue Code (“Code”) Section 401(a)(9) that apply to defined contribution and 403(b) plans, individual retirement accounts and...
Agencies Request for Comments on Issues Related to New Disclosures Under the No Surprises Act Indicate the Importance of Informing Marginalized Populations and Maintaining Privacy of Advance Health Care Information
By Roberta Casper Watson, Dannae Delano and Barry Salkin It should come as no surprise that most Americans do not have the information available to them that is necessary to make informed decisions about their medical care that includes the cost of the considered...
RS Announces New Pre-Audit Compliance Pilot Program
IRS Announces New Pre-Audit Compliance Pilot Program - Marcia Wagner, 401(k) Advisor, September 2022
Required Minimum Distribution Modifications Applicable to Defined Benefit Plans as Well
While most of the attention was on how the IRS’s proposed regulation would address tax-qualified defined contribution plans and IRAs, the IRS also took the opportunity to update the existing regulations for tax-qualified defined benefit plans. One such issue is the...