IRS Issues Interim Guidance on Matching Contributions Made on Account of Qualified Student Loan Repayments - Marcia Wagner, Barry Salkin and Jon Schultze, 401(k) Advisor, October 2024
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IRS Announces PCORI Fee
IRS has released Notice 2023-70, which provides the “applicable dollar amount” for the Patient-Centered Outcomes Research Institute (“ PCORI” ) fee for plan years ending before October 1, 2024....
IRS Issues Notice Providing Relief to Taxpayers Affected by Recent Terroristic Actions Against Israel
By Michael Schloss On October 13, 2023, responding to the terroristic action in the State of Israel that began on October 7, 2023, the Department of the Treasury and the Internal Revenue Service...
IRS Notice on Treatment of Leave-Based Donation Programs
In response to an extreme need for charitable relief by victims of the Hawaiian wildfires that began on August 8, 2023, the IRS has issued Notice 2023-69 (the “Notice”) to provide guidance under the...
Significant Changes Made to IRS Employee Plans Compliance Resolution System
By Dannae Delano, Seth Gaudreau and Barry Salkin The SECURE 2.0 Act of 2022, Division T of Public Law No. 117-328 (“the Act”) includes dozens of provisions that affect retirement plans and...
IRS Releases Guidance Denying Favorable Tax Treatment to Certain Wellness Program Incentive Payments
IRS has released guidance, in the form of Chief Counsel Memorandum Number: 202323006 (the “Memorandum”), denying favorable tax treatment to wellness incentive program payments provided through...
IRS Issues Advice on Nonfungible Tokens (NFTs) in IRS and Tax Qualified Individual Account Plans
IRS Issues Advice on Nonfungible Tokens (NFTs) in IRS and Tax Qualified Individual Account Plans - Marcia Wagner, 401(k) Advisor, May 2023
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...
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...
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...
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...
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...
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...
Understanding the IRS’ New Pre-Audit Letter Program
Understanding the IRS’ New Pre-Audit Letter Program - Dannae Delano, PLANSPONSOR, June 13, 2022 (PDF)
Significant New Corrections Opportunities Stem From IRS Program
Significant New Corrections Opportunities Stem From IRS Program - Dannae Delano, PLANADVISER, June 13, 2022 (PDF)
IRS Announces ‘Pre-Audit’ Retirement Plan Pilot Program
IRS Announces ‘Pre-Audit’ Retirement Plan Pilot Program - Dannae Delano, 401(k) Specialist, June 7, 2022 (PDF)
IRS Announces New Pre-Audit Compliance Pilot Program
Last week, the IRS announced via newsletter a new pre-audit compliance opportunity for employer-sponsored retirement plans selected for audit beginning immediately (the “Pilot Program”). Under the...
IRS Announces 2023 Limits for HSAs, HDHPs and Excepted Benefit HRAs
The IRS has announced the cost-of living adjustments to the applicable dollar limits for health savings accounts (“HSAs”), high deductible health plans (“HDHPs”) and excepted benefit health...
Longstanding IRS Administrative Practice Invalidated
When agencies take controversial regulatory actions, it can be anticipated that those actions will be challenged in federal district courts as soon as they become operative, if not before. In other...
IRS Issues Proposed Regulations for Required Minimum Distributions Under the SECURE Act
The SECURE Act (the “Act”) made two major changes to the required minimum distribution rules under Internal Revenue Code (“Code”) Section 401(a)(9): it extended the required beginning date for...
Plans Must Cover Over-the-Counter COVID Tests
The Department of Labor, Department of Health and Human Services, and the IRS (the “Agencies”) have issued Frequently Asked Questions #51 (“FAQs”) regarding implementation of the Families First...
IRS Announces 2022 HSA and HRA Limits
The IRS has announced the 2022 calendar year dollar limits for health savings account (“HSA”) contributions, the minimum deductible amounts and maximum out-of-pocket expenses for high deductible...
Paycheck Protection Program Flexibility Act of 2020 Passes Senate
by Barry Salkin, Roberta Casper Watson and Livia Quan Aber The Paycheck Protection Program (“PPP”), which was enacted as part of the CARES Act, allows businesses to borrow funds that are guaranteed...