IRS Guidance

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 […]

Additional Day Extension To Adopt Pre-approved Defined Contribution Plans

After providing a one year extension from April 30, 2016 to April 30, 2017, the IRS has extended the deadline for certain individually designed plans to adopt a pre-approved plan to May 1, 2017. Document Excerpt The IRS has extended the deadline from Sunday, April 30, 2017, to Monday, May 1, 2017, for certain employers […]

Temporary PT Excise Tax Relief for Those Provided Temporary DOL Relief

The IRS issues temporary relief from the excise tax under Section 4975 for those who receive DOL relief under Field Assistance Bulletin 2017-01. Document Excerpt This announcement provides relief from certain excise taxes under § 4975 of the Internal Revenue Code (Code), and any related reporting requirements, to conform to the temporary enforcement policy described […]

Employee Plans News

The IRS’ current issue of Employee Plans News includes the IRS’s first Operational Compliance List to be used by plans to ensure compliance in operation. Document Excerpt Link https://www.irs.gov/retirement-plans/employee-plans-news

IRS Extends the Period to Provide Initial QSEHRA Notice

Notice 2017-20 extends the period for providing the initial notice to employees eligible for the qualified small employer health reimbursement arrangement (QSEHRA). Document Excerpt In order to provide eligible employers additional time to furnish the initial required written notice to eligible employees following the issuance of such guidance, an eligible employer that provides a QSEHRA […]

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