IRS Guidance

Guidance allowing Pre-approved Cash Balance Plans to Use Plan’s Actual Rate of Return

Revenue Procedure 2018-21 modifies prior guidance governing the procedures for pre-approved defined benefit plan to allow cash balance plans to provide for the actual rate of return on plan assets as the rate used to determine interest credits. Document Excerpt This revenue procedure modifies the procedures of the Internal Revenue Service (IRS) for issuing opinion […]

Reduction in User Fee on Termination

Revenue Procedure 2018-19 provides for a retroactive reduction in the applicable user fee when filing for a determination on termination from $3000 to $2300. Document Excerpt This revenue procedure modifies Rev. Proc. 2018-4, 2018-1 I.R.B.146. Specifically, this revenue procedure changes one user fee set forth in Appendix A of Rev. Proc. 2018-4, Schedule of User […]

Audit Guidelines on Missing Participants and RMDs

The IRS releases audit guidelines on missing participants and required minimum distributions. Document Excerpt This memorandum directs EP examiners not to challenge a 403(b) plan as failing to satisfy the required minimum distribution (RMD) standards under Internal Revenue Code (IRC) § 403(b)(10) in the circumstances set forth below. This memo addresses only the application of […]

IRS Intends to Issue Advisory and Opinion Letters for Pre-approved Defined Benefit Plans

Announcement 2018-5 provides that the IRS intends to issue opinion and advisory letters for master and prototype and volume submitter defined benefit plans restated for Notice 2012-76 on March 30, 2018. Document Excerpt The Internal Revenue Service (IRS) intends to issue opinion and advisory letters for pre-approved master and prototype (M&P) and volume submitter (VS) […]

Transition Relief for Certain HDHPs and HSAs

Notice 2018-12 clarifies that a health plan providing benefits for male sterilization or male contraceptives without a deductible or with a deductible below the minimum deductible for a high deductible health plan is not a high deductible health plan. This notice further provides transition relief for periods before 2020. Document Excerpt This notice clarifies that […]

Revenue Procedure 2018-18–Inflation Adjusted Amounts Revised After Budget Act

Revenue Procedure 2018-18 sets forth inflation adjusted amounts revised for statutory amendments of the Budget Act of 2018. Document Excerpt This revenue procedure modifies and supersedes certain sections of Rev. Proc. 2017–58, 2017–45 I.R.B. 489, and supersedes Rev. Proc. 2017–37, 2017–21 I.R.B. 1252, to reflect statutory amendments by An Act to Provide for Reconciliation Pursuant […]

Provider Fee Regulations

The IRS has issued new superseding final regulations governing the provider fee imposed under the Affordable Care Act providing a definition of covered provider. Document Excerpt SUMMARY: This document contains final regulations that provide rules for the efinition of a covered entity for purposes of the fee imposed by section 9010 of the Patient Protection […]

Proposed Regulations to Eliminate Regulations

Pursuant to the President’s Executive Order asking that agencies get rid of unnecessary or burdensome regulations, the IRS has issued proposed regulations to eliminate certain regulations including those dealing with special rules for owner employee plans, some of the deduction regulations where the rules are covered elsewhere and others. Document Excerpt SUMMARY: Pursuant to the […]

IRS FAQs on Information Reporting by Health Coverage Providers

The IRS releases Frequently Asked Questions on information reporting under Section 6055. Document Excerpt Information reporting under section 6055 is required for health coverage providers. More information is available on the information reporting for providers of minimum essential coverage page. Link

OK to Amend Interest Rate Look-Back Month for Cash Balance Plan

The IRS rules in a Private Letter Ruling that it is okay to amend the interest rate lookback month for a cash balance plan’s pre-conversion benefit. Document Excerpt The determination of the present value of a participant’s Protected Benefit is a determination of the present value of an optional form of benefit and therefore is […]

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