Benefits Forward

The October Employee Plans News includes a discussion of the Priority Guidance, the ESOP phone forum and the notice suspending the regulations governing certain cash balance effective dates. Document Excerpt Link http://www.irs.gov/pub/irs-tege/epn_2011_7.pdf

Notice 2011-85 announces that the Treasury and the IRS intend to amend the final regulations under Section 411(b)(5) to postpone the effective/applicability date of those provisions of Reg. Section 1.411(b)(5)-1(d) that apply to plan years beginning on or after January 1, 2012. Document Excerpt Postponement of Effective/Applicability Date of § 1.411(b)(5)-1(d)(1)(iii), (d)(1)(vi), and (d)(6)(i) of [...]

  Revenue Procedure 2011-49 is an update of Revenue Procedure 2005-16 which set forth the requirements for requesting opinion and advisory letters regarding the acceptability under §§ 401 and 403(a) of the Internal Revenue Code of the form of pre-approved plans (that is, master and prototype (M&P) and volume submitter (VS) plans).  Document Excerpt This [...]

The IRS releases the corporate bond weighted average interest rates and the permissible range of interest rates. Document Excerpt This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning [...]

Notice 2011-78 provides relief to insurance companies administering certain self insured arrangements from the information reporting requirements under Section 6050W Insurance companies may rely on the notice until the  regulations are amended. Document Excerpt Upon further consideration, the Treasury Department and the Internal Revenue Service have decided to amend the existing regulations under section 6050W [...]

Notice 2011-80 provides that the PTIN must now be renewed on a calendar year basis. Document Excerpt This Notice provides guidance to individuals who have or will obtain a preparer tax identification number (PTIN), including a provisional PTIN, or who become registered tax return preparers. Section 1 of this Notice provides guidance regarding the last [...]

The upcoming telephone forum will cover current development topics as well as issues from the office of rulings and agreements. Document Excerpt Link http://www.irs.gov/pub/irs-tege/ra_phoneforum_presentation.pdf

Revenue Procedure 2011- 44 modifies the procedures for filing a letter ruling request under Section 414(e) for church plans. Document Excerpt The purpose of this revenue procedure is to supplement the procedures for requesting a letter ruling under § 414(e) of the Internal Revenue Code (Code) relating to church plans. This revenue procedure modifies Rev. Proc. 2011-4, [...]

In conjunction with the issuance of Notice 2011-72, the IRS also provides guidance to examiners in the form of a memo. Document Excerpt Link http://www.irs.gov/pub/foia/ig/sbse/sbse-04-0911-083.pdf

Notice  2011-72 provides guidance on the treatment of employer-provided cell phones. Document Excerpt  This notice provides guidance on the tax treatment of cellular telephones or other similar telecommunications equipment (hereinafter collectively “cell phones”) that employers provide to their employees primarily for noncompensatory business purposes.   Link http://www.irs.gov/pub/irs-drop/n-11-72.pdf