by David Torrillo | Nov 8, 2022 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Treasury Department and Internal Revenue Service announced the expansion their determination letter program for approving retirement plans. The IRS will now allow 403(b) retirement plans, which are used by certain public schools, churches and charities, to use the...
by David Torrillo | Jul 16, 2021 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
With Revenue Procedure 2021-30, the IRS has updated its Employee Plans Compliance Resolution System (EPCRS). EPCRS permits any plan sponsor of a retirement plan to correct plan failures. EPCRS offers three correction programs: Self-Correction Program (SCP) – Correct...
by David Torrillo | Oct 19, 2020 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
Under Revenue Ruling 2020-24, the Internal Revenue Service has ruled that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property fund and that it must report the payments on Form 1099-R...
by David Torrillo | Sep 15, 2020 | Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
The IRS recently updated its Operational Compliance List to include 2020 legislation and guidance to help plan sponsors identify changes that may affect their plan’s compliance. The Operational Compliance List (“OC” List) is provided per Rev. Read...
by David Torrillo | Apr 10, 2020 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
Per the AICPA Employee Benefit Plan Audit Quality Center, the IRS issued Notice 2020-23 which provides additional filing relief for taxpayers affected by the ongoing Coronavirus pandemic. The IRS filing relief includes Form 5500, Annual Return/Report of Employee...
