IRS Guidance

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 https://www.irs.gov/affordable-care-act/questions-and-answers-on-information-reporting-by-health-coverage-providers-section-6055

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 […]

FAQs on IRA Recharacterizations

The IRS has released a set of Frequently Asked Questions dealing with the changes to the IRA recharacterization rules under the Tax Cuts and Jobs Act of 2017. Document Excerpt A Roth IRA conversion made in 2017 may be recharacterized as a contribution to a traditional IRA if the recharacterization is made by October 15, […]

Covered Compensation Tables

Revenue Ruling 2018-04 provides covered compensation tables reflecting revisions to the Social Security taxable wage base for 2018 previously announced. Document Excerpt This revenue ruling provides tables of covered compensation under section 401(l)(5)(E) of the Internal Revenue Code and the Income Tax Regulations thereunder, for the 2018 plan year. These tables of covered compensation reflect […]

Changes to User Fees for VCP Submission

Appendix A to Revenue Procedure 2018-4 changes the user fee structure for VCP submissions to one based upon the size of plan assets. Document Excerpt Effective January 2, 2018, the IRS simplified the user fees charged for most submissions made under the Voluntary Correction Program (VCP). The total amount of net plan assets determines the […]

Extension of Due Date for reporting under Sections 6055 and 6056

Notice 2018-06 extends the due date for reporting to individuals the 2017 Form 1095-B. Document Excerpt This notice extends the due date for certain 2017 information-reporting requirements for insurers, self-insuring employers, and certain other providers of minimum essential coverage under section 6055 of the Internal Revenue Code (Code) and for applicable large employers under section […]

Updated Mortality Improvement Rates and Static Mortality Tables

Notice 2018-02 provides updated mortality improvement rates and static mortality tables for defined benefit plans for 2019. Document Excerpt This notice specifies updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal Revenue Code (Code) and section 303(h)(3)(A) of the Employee Retirement Income […]

Guidance under Section 409A for Pre-2009 Section 457A Deferrals

Notice 2017-75 provides guidance under Section 409A for pre-2009 Section 457A deferrals, Document Excerpt This notice provides guidance on the application of Internal Revenue Code (Code) section 409A with respect to amounts that are includible in income pursuant to section 801(d)(2) of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, Div. C […]

Revised VCP Application Form 8950

The IRS has released a revised version of Form 8950 used to make a submission for correction under the IRS’ Voluntary Correction Program. Document Excerpt The IRS has updated Form 8950, Application for Voluntary Correction Program (VCP) Submission under the Employee Plans Compliance Resolution System (EPCRS), and its instructions. Employers who have adopted a tax-favored […]

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