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401(k) Contribution Limit Increases to $19,000 for 2019; IRA limit increases to $6,000
The Internal Revenue Service on November 1, 2018 announced cost of living adjustments affecting the dollar limit for pension plans and other retirement-related items for tax year 2019. The IRS...
IRS Updates the Employee Plans Compliance Resolution System ( EPCRS )
In Revenue Procedure 2018-52, the Internal Revenue Service (IRS) details new procedures under EPCRS that will require Plan sponsors to utilize www.pay.gov website to file Voluntary Correction...
Executive Order to Expand Access to Workplace Retirement Savings Plans and to Review Rules on Required Minimum Distributions
On August 31, 2018, the President signed an executive order to expand access to workplace retirement savings plans for American workers and to review rules on required minimum distributions. The...
401(k) Student Loan Benefits? – IRS Private Letter Ruling May Clear the Way
On August 17, 2018 the IRS issued a private letter ruling, which permitted an employer to provide a student loan repayment benefit offered through a 401(k) Plan. The student loan benefit program...
IRS Issues 8 Benefit Plan Snapshots
The Internal Revenue Service periodically issues Snapshots. Snapshots are employee job aids that provide analysis and resources for a given technical tax issue. Snapshots are developed through...
Torrillo & Associates, LLC Featured on PICPA – CPA Conversations
Torrillo & Associates, LLC was recently featured on PICPA - CPA Conversations. CPAs auditing employee benefit plans are dealing with a lot of standards, including SAS No. 132 and FASB ASU No....
Fifth Circuit Court Vacates Fiduciary Rule
Fifth Circuit Court Vacates Fiduciary Rule On March 15, 2018, in a 2-to-1 decision, the U.S. Court of Appeals for the Fifth Circuit reversed a lower court decision in Texas and issued a ruling...
IRS Issuing Opinion and Advisory Letters for Pre-Approved Defined Benefit Plans and Opening Determination Letter Program for Pre-approved Plan Adopters
IRS Issuing Opinion and Advisory Letters for Pre-approved Defined Benefit Plans and Opening Determination Letter Program for Pre-approved Plan Adopters In IRS Announcement 2018-05 , the Internal...
Bipartisan Budget Act of 2018 Impact on Benefit Plans
The "Bipartisan Budget Act of 2018"—P.L. 115-123 (the “Budget Act”) was passed by Congress and signed into law by the President on February 9, 2018. The two year budget provides for a continuing...
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