In its June 3, 2022 Employee Plans Newsletter, the IRS announced a pilot pre-examination retirement plan compliance program beginning in June 2022. Under the pilot program, the IRS will notify a qualified plan sponsor by letter that its retirement plan has been selected for an upcoming examination.
The IRS’s letter
The U.S. Department of Labor (“DOL”) recently issued guidance on best practices for maintaining cybersecurity directed to plan sponsors, fiduciaries, record-keepers and participants of employee benefit plans governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). While some prior cybersecurity guidance has been issued for certain
On December 18, 2020, the Internal Revenue Service (IRS) released final regulations (the “Final Regulations”) under Section 162(m) of the Internal Revenue Code, as amended by the Tax Cuts and Jobs Act of 2017 (“TCJA”). Section 162(m) generally limits the deductibility of compensation paid in any tax year to “covered
The Internal Revenue Service (“IRS”) issued Notice 2020-51 which provides much needed guidance concerning the waiver of 2020 required minimum distributions (“RMDs”) under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The Notice also includes transition relief for plan administrators regarding the change to the required beginning date
Lori Basilico and Phil Bush review IRS Notice 2020-50 which provides helpful guidance for plan sponsors and plan participants who wish to take advantage of the enhanced distribution and loan provisions under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).
The Quickstudy is titled “IRS Issues Helpful
In addition to the relief detailed in our recent article on EBSA Disaster Relief Notice 2020-01, the U.S. Department of Labor (DOL) in Notice 2020-01 extended a number deadlines for furnishing required notices or disclosures to plan participants, beneficiaries, and other persons. This will provide additional time for plans
On April 28, 2020 the Employee Benefits Security Administration, U.S. Department of Labor, Internal Revenue Service, and Treasury Department published joint guidance extending certain important deadlines that are otherwise applicable to employee benefit plans. This relief was granted in an effort to preserve and protect the benefits of participants and
In a matter of a few weeks, the COVID-19 pandemic has caused drastic changes to our businesses and personal lives. The effects are already substantial, from those personally affected by illness and shelter-in-place orders to companies seeing sharp declines in business activity. Although your to-do list may be long, we
Summary
To facilitate the nation’s response to the 2019 Novel Coronavirus (COVID-19), also known as the Coronavirus, the Internal Revenue Service advised in IRS Notice 2020-15 that a high-deductible health plan (HDHP), until further notice, is permitted to pay for COVID-19-related testing and treatment, without jeopardizing its status as an