IRS Guidance

IRS Regulatory Agenda, Spring 2019

Document Excerpt Link https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&currentPub=true&agencyCode=&showStage=active&agencyCd=1500&Image58.x=58&Image58.y=10

Request for Comments on Revisions to Form 5500EZ

Document Excerpt SUMMARY: The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning the Annual Return/Report of […]

2019 Operational Compliance List

Document Excerpt The Operational Compliance List (“OC” List) is provided per Rev. Proc. 2016-37, Section 10, to help plan sponsors and practitioners achieve operational compliance by identifying changes in qualification requirements effective during a calendar year. The OC List: Identifies matters that may involve either mandatory or discretionary plan amendments depending on the particular plan. […]

Temporary Expansion of Determination Letter Program

Document Excerpt This revenue procedure, consistent with the process described in Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides for a limited expansion of the determination letter program with respect to individually designed plans. Under this limited expansion, the Internal Revenue Service (IRS) will accept determination letter applications for (i) individually designed statutory hybrid plans during […]

Notice of Enforcement Discretion Re: HIPAA Penalties

Document Excerpt SUMMARY: This notificationis to inform the public that the Department of Health and Human Services (HHS) is exercising its discretion in how it applies HHS regulations concerning the assessment of Civil Money Penalties (CMPs) under the Health Insurance Portability and Accountability Act of 1996 (HIPAA), as such provision was amended by the Health […]

Updated EPCRS Guidance

Document Excerpt Link https://www.irs.gov/pub/irs-drop/rp-19-19.pdf

Guidance on Deducting Family Health Insurance Cost by a 2% Subchapter S Shareholder

Document Excerpt An individual who is a 2-percent shareholder of an S corporation pursuant to the attribution of ownership rules under § 318 is entitled to the deduction under § 162(l) for amounts that are paid by the S corporation under a group health plan for all employees and included in the individual’s gross income, […]

Second Quarter Update to Priority Guidance

Document Excerpt We are pleased to announce the release of the second quarter update to the 2018–2019 Priority Guidance Plan. Link https://www.irs.gov/pub/irs-utl/2018-2019_pgp_2nd_quarter_update.pdf

Issue Snapshot–Preventing an S ESOP Nonallocation Year

Document Excerpt ongress enacted IRC Section 409(p) in 2001 (P.L. 107-16 Sec. 656) to prevent S corporation employee stock ownership plans (ESOPs) from continuing to be used as abusive tax shelters. The rules under IRC Section 409(p) are designed to prevent a group of “disqualified persons” (DPs) from collectively owning 50% or more of an […]

Operational Compliance List

Document Excerpt The Operational Compliance List (“OC” List) is provided per Rev. Proc. 2016-37, Section 10, to help plan sponsors and practitioners achieve operational compliance by identifying changes in qualification requirements effective during a calendar year. The OC List: Identifies matters that may involve either mandatory or discretionary plan amendments depending on the particular plan. […]

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