IRS Guidance

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 […]

EPCU Project–Non-Cash Contributions Project

The Employee Plans Compliance Unit’s Non-Cash Contributions project involved reviewing plans that reported non-cash contribution amounts on Form 5500. Document Excerpt The project reviewed plans that reported non-cash contribution amounts on Schedule H or Schedule I to determine whether there were non-cash contributions and, if so, whether the contributions were allowable. The EPCU selected Forms […]

IRS Publishes new Employee Plans Issue Snapshots

Included are the following: Treatment of 415(c) Dollar Limitations in a Short Limitation Year Treatment of 401(a)(17) Limitation in Defined Contribution Plan in a Short Plan Year Borrowing Limits for Participants with Multiple Plan Loans Qualification Requirements for Non-Electing Church Plans under IRC Section 401(a) Vesting Schedules for Matching Contributions Plan Forfeitures Used for Qualified […]

Understanding Your 227 Letter from the IRS

The IRS provides guidance on understanding your 227 letter, acknowledgment letters sent to close an ESRP (Employer Shared Responsibility Payment) inquiry. Document Excerpt The various Letters 227 are acknowledgement letters sent to close an ESRP inquiry or provide the next steps to the Applicable Large Employer (ALE) regarding the proposed Employer Shared Responsibility Payment (ESRP). […]

Applicable Percentage Tables for 2019

Revenue Procedure 2018-34 provides the applicable percentage table in Section 36B(b)(3)(A) and the required contribution percentage to provide percentages to be used for 2019. Document Excerpt This revenue procedure provides indexing adjustments for certain provisions under section 36B of the Internal Revenue Code. In particular, it updates the Applicable Percentage Table in ยง 36B(b)(3)(A)(i) to […]

Inflation Adjusted Amounts for Health Savings Accounts

Revenue Procedure 2018-30 announces the 2019 inflation adjusted amounts for Health Savings Accounts. Document Excerpt Link https://www.irs.gov/pub/irs-drop/rp-18-30.pdf

IRS Third Quarter Update to 2017-2018 Priority Guidance Plan

The IRS releases its third quarter update to its 2017-2018 Priority Guidance Plan. Document Excerpt Link https://www.irs.gov/pub/irs-utl/2017-2018_pgp_3rd_quarter_update.pdf

Relief for Small Employers Claiming the Section 45R Credit but without Access to Small Business Plans

Notice 2018-27 provides relief for small businesses that properly claimed the Section 45R credit for 2016 or later but were unable to obtain qualified health plan through a Small business Health Options Program (SHOP) because the employer’s principal business address is in a county in which a qualified health plan though a SHOP is not […]

IRS Request for Comments on 2018-2019 Priority Guidance Plan

In Notice 2018-43, the IRS request comments on items to be included in its 2018-2019 Priority Guidance Plan. Document Excerpt Link https://www.irs.gov/pub/irs-drop/n-18-43.pdf

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