IRS Guidance

IRS Issues Modified Section 402(f) Notices

Document Excerpt This notice modifies the two safe harbor explanations in Notice 2014-74, 2014-50 I.R.B. 937, that may be used to satisfy the requirement under § 402(f) of the Internal Revenue Code (“Code”) that certain information be provided to recipients of eligible rollover distributions. The safe harbor explanations as modified by this notice take into […]

State May Escheat IRA under Unclaimed Property Law

Document Excerpt (1) Under the facts presented, the payment by Trustee Y of Individual C’s interest in IRA O to the State J unclaimed property fund, as required by State J law, is subject to federal income tax withholding under § 3405. (2) The payment by Trustee Y is subject to reporting under § 408(i). […]

IRS Again Extends Temporary Nondiscrimination Relief for Certain Closed Defined Benefit Plans

Document Excerpt This notice extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making that relief available for plan years beginning before 2020 if the conditions of Notice 2014-5 are satisfied. Link https://www.irs.gov/pub/irs-drop/n-18-69.pdf

Update on Section 162(m) as amended by the Tax Cuts and Jobs Act

Document Excerpt This notice provides initial guidance on the application of section 162(m) of the Internal Revenue Code (Code), as amended by section 13601 of “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” Public Law 115-97 (2017) (the Act). Section […]

IRS Updated Qs and As on Employer Shared Responsibility Provisions of the Affordable Care Act

Document Excerpt The Affordable Care Act added the employer shared responsibility provisions under section 4980H of the Internal Revenue Code.The following provide answers to frequently asked questions about the employer shared responsibility provisions.More detailed information is available on the Employer Shared Responsibility page and in final regulations under section 4980H. Link https://www.irs.gov/affordable-care-act/employers/questions-and-answers-on-employer-shared-responsibility-provisions-under-the-affordable-care-act

Private Letter Ruling Allowing Nonelective Contributions conditioned on Student Loan Repayments

Document Excerpt In the present case, SLR nonelective contributions under the program are conditioned on whether an employee makes a student loan repayment during a pay period and are not conditioned (directly or indirectly) on the employee making elective contributions under a cash or deferred arrangement. Furthermore, because an employee who makes student loan repayments […]

Monthly National Average Premium For Bronze Level Coverage

Document Excerpt This revenue procedure provides the monthly national average premium for qualified health plans that have a bronze level of coverage and are offered through Exchanges for taxpayers to use in determining their maximum individual shared responsibility payment under § 5000A(c)(1)(B) of the Internal Revenue Code and § 1.5000A-4 of the Income Tax Regulations. […]

Extension of Period to Submit Opinion Letter Application for Pre-Approved Defined Contribution Plan

Document Excerpt This revenue procedure modifies Rev. Proc. 2017-41, 2017-29 I.R.B. 92, to extend the deadline for submitting on-cycle applications for opinion letters for pre-approved defined contribution plans for the third six-year remedial amendment cycle to December 31, 2018. Under Rev. Proc. 2017-41, this submission period is scheduled to expire on October 1, 2018. Link […]

TEGE Advisory Committee 2018 Report and Recommendations

The recommendations include suggestions for how the IRS might open a more limited Determination Letter program including a limited scope program. Document Excerpt Link https://www.irs.gov/pub/irs-pdf/p4344.pdf

EPCU–Party-in-Interest Transaction Project

The Employee Plans Compliance Unit reports on its Party-In-Interest transaction. Document Excerpt The project goals were to determine whether filed Forms 5500 contained correctly reported non-exempt party-in-interest transactions and whether the related Schedules G and/or Forms 5330 were accurately prepared and timely filed when required. The project selected returns with large reported non-exempt transactions, representing […]

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