IRS Guidance

IRS Releases Annual Guidance

The IRS has released its annual guidance including Revenue Procedure 2019-4 providing guidance on obtaining a determination letter. https://www.irs.gov/irb/2019-01_IRB

Request for Comments Regarding Calculation of UBTI for Exempt Entities with more than One Unrelated Trade or Business

Document Excerpt Section 13702 of “An Act to provide for reconciliation pursuant to titles II and IV of the concurrent resolution on the budget for fiscal year 2018,” Public Law 115-97 (131 Stat. 2054 (2017)) (the Act), enacted December 22, 2017, added new § 512(a)(6) to the Internal Revenue Code (Code). Section 512(a)(6) requires an […]

Guidance on Determining Parking Expenses for QTFs

Document Excerpt This notice provides interim guidance for taxpayers to determine the amount of parking expenses for qualified transportation fringes (QTFs) that is nondeductible under § 274(a)(4) of the Internal Revenue Code (Code) and for tax-exempt organizations to determine the corresponding increase in the amount of unrelated business taxable income (UBTI) under § 512(a)(7) attributable […]

Relief from the Once-In-Always-In Condition for Excluding Part-Time Employees from Making Elective Deferrals under a 403(b) Plan

Document Excerpt This notice provides transition relief from the “once-in-always-in” (OIAI) condition for excluding part-time employees under § 1.403(b)-5(b)(4)(iii)(B) of the Treasury Regulations. Under the OIAI exclusion condition, for a § 403(b) plan that excludes part-time employees from making elective deferrals, once an employee is eligible to make elective deferrals, the employee may not be […]

FAQs on 403(b) Pre-approved Plan Program

Document Excerpt Link: https://www.irs.gov/retirement-plans/403b-pre-approved-plan-program-faqs-eligible-adopting-employers-and-reliance-on-letters

Required Amendments List

Document Excerpt This notice contains the Required Amendments List for 2018 (2018 RA List). Section 5 of Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides that, in the case of an individually designed plan, the remedial amendment period for a disqualifying provision arising as a result of a change in qualification requirements generally is extended to […]

Proposed Regulations on User Fee for Enrolled Agents

Document Excerpt SUMMARY: This document contains proposed amendments to the regulations relating to imposing user fees for enrolled agents and enrolled retirement plan agents. The proposed regulations remove the initial enrollment user fee for enrolled retirement plan agents because the IRS no longer offers initial enrollment as an enrolled retirement plan agent. The proposed regulations […]

Proposed Regulations on Hardship Changes Post Tax Act

Document Excerpt SUMMARY: This document contains proposed amendments to the regulations relating to hardship distributions from section 401(k) plans. The amendments reflect statutory changes affecting section 401(k) plans, including recent changes made by the Bipartisan Budget Act of 2018. These regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of plans that contain […]

IRS Priority Guidance 2018-2019

Document Excerpt Link https://www.irs.gov/pub/irs-utl/2018-2019_pgp_initial.pdf#page=13

2019 COLA Plan Limits

Document Excerpt Section 415 of the Internal Revenue Code (the Code) provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Secretary of the Treasury annually adjust these limits for cost-of-living increases. Other limitations applicable to deferred compensation plans are also affected by these adjustments under § 415. […]

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