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 Program (VCP) submissions and pay user fees. Beginning on Apr. 1, 2019, the IRS will no longer accept paper VCP submissions or process user fees paid with a
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 President’s order directs the Departments of Labor and the Treasury to consider issuing regulations and guidance that would make it easier for businesses to offer
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 under the plan provided the employer to make a nonelective contribution to an employee based on the amount of student loan repayments made
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 internal collaboration at the IRS and may evolve as the compliance environment changes and new insights and experiences are contributed. Listed below are Snapshots recently issued in May 2018.
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. 2017-06. Additionally, the new tax law will affect CPAs working with these plans. JulieAnn Verrekia, CPA, and David Torrillo, CPA, of Torrillo &
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 Revenue Service (IRS) indicated that it intends to issue opinion and advisory letters for pre-approved master and prototype (M&P) and volume submitter (VS) defined benefit plans that were
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 resolution to fund the federal government through March 23, as well as a host of tax law changes. The Act retroactively extends through 2017