IRS Guidance

Computation of Maximum Loan Amount in the case of Multiple Loans

After issuing guidance earlier this year, the IRS has issued superseding guidance to agents on calculating the maximum loan amount in the event of multiple loans. Document Excerpt This memorandum supersedes interim guidance TE/GE-04-0417-0016 entitled Computation of Maximum Loan Amount under IRC § 72(p)(2)(A), issued April 20, 2017. This memorandum directs EP Examinations staff to […]

Updated Suspension of Benefit provisions for Plans in Critical and Declining Status

Revenue Procedure 2017-43 provides updated guidance for multiemployer plans in critical or declining status applying for Treasury approval of suspension of benefits. Document Excerpt This revenue procedure contains revised procedures for applications for a suspension of benefits under a multiemployer defined benefit pension plan that is in critical and declining status under § 432(e)(9). These […]

Cumulative List of Changes for Lead Pre-approved Defined Contribution Plans

Notice 2017-37 sets forth the Cumulative list of Plan changes required for pre-approved defined contribution plans. Document Excerpt This notice contains the Cumulative List of Changes in Plan Qualification Requirements for Pre-Approved Defined Contribution Plans for 2017 (2017 Cumulative List). As described in section 17 of Rev. Proc. 2016-37, 2016-29 I.R.B. 136, 146, Cumulative Lists […]

New Guidance on Issuing Opinion Letters for Pre-approved Plans

Rev. Proc. 2017-41 provides updated guidance on the issuance of opinion letters for pre-approved plans, i.e., volume submitter and master/prototype plans. Document Excerpt This revenue procedure sets forth the procedures of the Internal Revenue Service (IRS) for issuing Opinion Letters regarding the qualification in form of Pre-approved Plans under §§ 401, 403(a), and 4975(e)(7) of […]

Electronic Payment of Certain User fees

The IRS will begin requiring the electronic payment of certain user fees including on request for a Private Letter Ruling beginning June 15, 2017. Document Excerpt Beginning June 15, taxpayers requesting letter rulings, closing agreements and certain other rulings from the Internal Revenue Service will need to make user fee payments electronically using the federal […]

Electronic Payment of certain User Fees

IR 2017-102 announces that certain user fees, including when requesting a letter ruling or a closing agreement, will have to be paid electronically through pay.gov Document Excerpt Beginning June 15, taxpayers requesting letter rulings, closing agreements and certain other rulings from the Internal Revenue Service will need to make user fee payments electronically using the […]

Tax Treatment of Benefits Paid from Self-Funded Health Plans

Chief Counsel Memorandum advises as to the treatment of benefits paid under an employer-provided self-funded health plan where the average amounts received by the employees for participating in a health-related activity predictably exceeds the after-tax contributions by the employees. Document Excerpt Yes, the amounts are included in income and wages for reasons including, but not […]

2018 Adjusted HSA Limits

Revenue Procedure 2017-37 sets for the 2018 adjusted for Health Savings Accounts. Document Excerpt This revenue procedure provides the 2018 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under § 223 of the Internal Revenue Code. Link https://www.irs.gov/pub/irs-drop/rp-17-37.pdf

2018 Adjusted Indexed Amounts for certain ACA Provisions

Revenue Procedure 2017-36 provides indexing adjustments for certain provisions under the Affordable Care Act including under Sections 36B and 5000A. Document Excerpt This revenue procedure provides indexing adjustments for certain provisions under sections 36B and 5000A of the Internal Revenue Code. In particular, it updates the Applicable Percentage Table in § 36B(b)(3)(A)(i) to provide the […]

IRS Memorandum on Calculating Maximum Loan Amount

The IRS issued an internal memorandum to its auditors on calculating the maximum loan amount where there is or has been a prior loan. Document Excerpt This memorandum directs EP Examinations staff to determine, as set forth below, the amount available for a loan where the participant has received multiple loans during the past year […]

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