A Reminder of What IRS Examiners Will Look for Regarding NQDC Plans
An updated audit technique guide discusses the doctrines of constructive receipt and economic benefit, as well as IRC Section 409A,...
Tag: IRS
IRS Updates Issue Snapshot Regarding 403(b) Universal Availability Requirements
The agency highlights a common error in applying the requirements and makes self-audit suggestions.
IRS Addresses Form 5500 Filing for Plans Adopted Retroactively
No Form 5500 is required for the plan year in which the new plan is effective, but additional filing instructions...
IRS Updates EPCRS With Additional Corrections
Among other changes, the agency has introduced two new correction methods for overpayments to DB plan participants or beneficiaries.
Regulators Issue Guidance on Multiemployer Plan Assistance
PBGC has issued an interim final rule addressing assistance requirements, and the IRS has released a notice for plan sponsors...
IRS Extends Again Relief From Physical Presence Requirement for Participant Elections
The agency is requesting comments about whether relief should be made permanent.
IRS Reminds Plan Sponsors of Plan Qualification Requirements
The IRS updates its Operational Compliance List periodically to reflect new legislation and IRS guidance, and it reflects that many...
IRS Says Lack of Details Is a Common Error in VCP Submissions
Plan sponsors, or their representatives, can refer to an updated IRS webpage to ensure submissions to the voluntary correction program...
IRS Clarifies Implementation of Partial Plan Termination Relief
The agency says the relief applies to each plan year which falls inside the relief period, and provisions of the...
IRS Reveals Retirement Plan Compliance Initiatives
The agency plans to examine worker classifications, RMDs in large DB plans and participant loans, as well as do a...
EBSA Disaster Relief Notice Highlights Pandemic’s Lasting Impact
This latest regulatory development is just another piece of evidence underscoring how extraordinary the last 12 months have been.
Plan Administrators Don’t Have to Scramble to Report Qualified Plan Loan Offset Amounts
The IRS has issued final regulations regarding qualified plan loan offset amounts, which are the same as proposed regulations except...
2021 ERISA Plan Compliance Calendar
A schedule to help plan sponsors track important due dates for their plan
Physical Presence Requirement Relief Extended Through June
The relief is for retirement plan participant elections and spousal consent required to be witnessed by a plan representative or...
IRS Issues Guidance on Auto-Enrollment Cap and Safe Harbor Notice Requirements
The guidance is intended to help employers that sponsor safe harbor plans comply with provisions of the SECURE Act.
Guidance on Missing Participants Listed as IRS Priority
The 2020-2021 Priority Guidance Plan says the agency will include guidance on uncashed checks.
DOL Reveals Changes to 2020 Form 5500
Modifications include updates in response to the SECURE Act.
IRS Updates Mortality Tables for Calculation of RMDs
The agency says the purpose of the updates is to allow retirees to retain more savings in their accounts in...
IRS Publishes Guidance for Terminating 403(b) Plans
In tandem with the Treasury Department, the IRS is also requesting comments on the application of annuity and spousal rights...
Contribution Limits Unchanged for 2021
Most contribution and benefit limits for employer-sponsored plans remain unchanged for 2021, according to the IRS.