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401(k) Contribution Limit Increases to $19,500 for 2020; Catch-Up Limit Rises to $6,500
The Internal Revenue Service announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this contribution limit and other changes in Notice...
Final Regulations for Hardship Distributions
The Internal Revenue Service (“IRS”) has issued final regulations on hardship distributions from 401(k) plans. The final regulations amend the rules relating to hardship distributions from Code Sec....
IRS Extends Relief for Closed Defined Benefit Plans through 2020
In IRS Notice 2019-49, the Internal Revenue Service extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making...
FAB 2019-01 Gives Transition Relief to MEP Form 5500 Filings
DOL Issues Field Assistance Bulletin 2019-01. Field Assistance Bulletin 2019-01 provides guidance and temporary penalty relief related to certain Form 5500 Annual Return/Report requirements...
DOL Announces Final Rules for ARPs
The Department of Labor issued Final rules for ARPs. The Department of Labor (DOL) has issued final regulations which make it easier for small businesses to provide retirement savings plans through...
New EBP SAS – AICPA issues Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
As expected, In July 2019, the AICPA Auditing Standards Board (ASB) issued AICPA Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit...
Protect Employee Benefit Plan Information from Cybercriminals
Julie Verrekia was recently featured on PICPA Podcast talking about protecting employee benefit plan information from Cybercriminals. Social Security numbers. Medical data. Financial information....
Expansion of Determination Letter Program
Revenue. Procedure. 2019-20, consistent with the process described in Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides for a limited expansion of the determination letter program with respect to...
IRS Modifies EPCRS for Loans and Certain Plan Document Failures
With the issuance of Revenue Procedure 2019-19, the IRS modifies its Employee Compliance Resolution System for the second time in less than a year. Effective April 19, 2019, the IRS modified the IRS...
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