Benefits Forward

The IRS has released guidance which includes a sample Section 436 amendment that defined benefit plans may adopt. Document Excerpt This notice provides a sample plan amendment that plan sponsors may adopt to satisfy § 436 of the Internal Revenue Code regarding limitations on the accrual and payment of benefits under certain underfunded single employer [...]

The Fall, 2011 version of the IRS’ Retirement News for Employers includes a lot of guidance regarding SEPs and SIMPLEs. Document Excerpt Link http://www.irs.gov/pub/irs-tege/rne_fall2011.pdf

The IRS has released the transcript of its telephone forum on participant loans. Document Excerpt  Note – Any federal tax advice contained in this transcript is intended to apply to the specific situation described and should not be considered official guidance independent of the presentation. The tax advice and statements contained herein should not be [...]

The IRS has released the updated Listing of Required Modifications for pre-approved Section 401(k) plans. Document Excerpt  This information package contains samples of plan provisions that satisfy certain specific requirements of the Internal Revenue Code, as amended through the Small Business Jobs Act of 2010 (P.L. 111-240). Such language may or may not be acceptable [...]

The IRS has released its updated Listing of Required Modifications for pre-approved defined contribution plans. Document Excerpt This information package contains samples of plan provisions that have been found to satisfy certain specific requirements of the Internal Revenue Code, taking into account changes in the plan qualification requirements, regulations, revenue rulings, and other guidance in [...]

The Treasury and IRS request comments on the possible approach to determining governmental plan status. In addition, they release a description of the approach currently being considered. Document Excerpt To initiate a dialogue with the governmental plan community, the Internal Revenue Service (IRS) has published two advance notices of proposed rulemaking relating to the definition [...]

Notice 2011-92 provides guidance on the branded prescription drug fee for the 2012 fee year related to the submission of Form 8947, the time and manner for notifying covered entities of their preliminary fee calculation as well as for submitting error reports for dispute resolution and the time for notifying covered entities of their final [...]

Notice 2011-91 provides that enrolled retirement plan agents are not required to obtain a preparer tax identification number in order to become or renew as an enrolled agent. Document Excerpt The Treasury Department and the IRS therefore intend to amend Circular 230 to remove the requirement for individuals to have a PTIN prior to applying [...]

Revenue Procedure 2011-52 includes inflation adjusted limits for various non-benefit tax provisions but including for medical savings accounts. Document Excerpt Link http://www.irs.gov/pub/irs-drop/rp-11-52.pdf

The IRS releases a COLA table including the 2012 dollar limits. Document Excerpt Link http://www.irs.gov/retirement/article/0,,id=96461,00.html