On February 24, 2022, the Internal Revenue Service (IRS) proposed regulations (Proposed Regulations) that comprehensively revise the required minimum distribution (RMD) regulations, including implementing changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SEC...
For 2023, heirs subject to the 10-year rule have not been sure if they should take a distribution for this year while the regulations are still pending. On July 14, 2023, the IRS issued Notice 2023-54 (pdf), which extends Notice 2022-53 to the end of 2023. As a result, those who...
The content onDon't Mess With Taxesis my personal interpretation and opinion based on my study and understanding of tax laws, policies, and regulations. It is provided for your private, noncommercial, educational, and informational purposes only. While I work to ensure each post's accuracy, th...
If a cafeteria plan does not require an independent third party to substantiate the expense, then the plan fails to operate in accordance with the proposed cafeteria plan regulations and the amount of benefits that employees elect under the cafeteria plan are includable in income as wages and sub...
Qualified Longevity Annuity Contracts and RMD Rules The Internal Revenue Service (IRS) has issued final regulations for the use of a qualified longevity annuity contract (QLAC) within a tax-qualified defined contribution plan, a section 403(b) plan, an IRA, and eligible governmental plans... AP...
More information ishere. The IRS issuedfinal regulations for hybrid plansin September.
Get more! Sign up for PLANSPONSOR newsletters. The Project goals were to: Determine if the box 12 code on Forms W-2 was correctly reported; Determine whether or not the organization sponsored an IRC Section 403(b) plan; Verify the sponsor eligibility for an IRC Section 403(b) plan; ...
Final Regulations on Practice Before IRS Added to Circular 230 Final regulations revising the rules governing practice before the Internal Revenue Service in Circular 230 were issued on September 26, 2007.1 The final regulations reflect amendments made by the American Jobs Creation Act of 2004.2 The....