Correction to 409A Regulations Issued

The IRS issues a correction to the Section 409A regulations dealing with the application of the grandfather rule to pre-2005 nonaccount balance plans.

New Revenue Procedure on issuance of opinion and advisory letters

The Service has issued guidance relaxing some of the prior restrictions contained in Rev. Proc. 2007-44 on the issuance of certain opinion and advisory letter.

Department of the Treasury Priority Guidance

2008-2009 Treasury Priority Guidance is released containing 314 items including a number of employee benefit matters and issues.

Updated Change of Accounting Methods Revenue Procedure

The IRS issues Rev. Proc. 2008-52 updating, clarifying and amplifying prior guidance regarding how taxpayers can obtain an automatic consent for a change in accounting method. The guidance both consolidates automatic consent procedures for changes in several methods of accounting previously published as well as provides additional changes in methods of accounting for which a taxpayer may obtain automatic consent.

GAO Report on Defined Benefit Investments in Hedge Funds

Guidance needed to better inform plans of the challenges and risks of investing in hedge funds and private equity concludes a report prepared by the General Accounting Office for Congress.

Updated Weighted Average, Yield Curve and Segment Rates

IRS issues Notice 2008-75 providing updated guidance on the corporate bond weighted average interest rate, yield curves and segment rates for funding purposes.

Additional Transitional Relief from PPA Funding Rules for Small Plans

The IRS has issued additional transitional relief for small plans from the PPA funding rules. The guidance extends the transition relief previously provided in Notice 2008-21.

Transfer of U.K. Benefits to US Plan Not Eligible for Rollover

United States resident may not rely upon parenthetical language in Article 18(1) of the U.S.-U.K. income tax treaty to make a tax-deferred rollover from a United Kingdom pension scheme to a U.S. retirement plan where the amount otherwise does not qualify as an “eligible rollovr distribution”

IRS to Suspend Collection Activities Regarding ISO AMT Liabilities

In a letter from Commissioner Douglas Shulman to Senator Grassley, the IRS states that it will suspend, through the end of this fiscal year, collection enforcement action involving AMT ISO liabilities.

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