IRS Issues
The American Retirement Association (ARA) has signed on to a joint letter supporting the IRS’ new permanent rules to allow remote notarization of spousal consent forms.
Background
During the pandemic, the IRS received requests from stakeholders to permit remote witnessing of spousal consents by...
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The IRS has issued guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023. The guidance, contained in Notice 2023-23, implements a change to the RMD rules made by the SECURE 2.0 Act, which delayed the required beginning date for RMDs.
Under this change, IRA...
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Tech Talk discusses the circumstances under which the IRS ordinarily does not issue a determination letter.
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The IRS has issued an update to the 2022-2023 priority guidance plan.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year).
To Be Done
The IRS says in the updated list...
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Tech Talk discusses the general scope of IRS determination letters for 403(b) plans under Revenue Procedure 2022-40.
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Tech Talk discusses what an IRS determination letter is and when the IRS issues one.
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Comparisons between public- and private-sector benefits are understandable; indeed, such comparisons are often a large factor in employment decisions. But the variety and types of employers — and workers — covered by programs that operate under the auspices of 403(b) plans are extraordinarily...
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Tech Talk discusses what a “closing agreement” is in the context of an arrangement between the IRS and a taxpayer.
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The IRS has updated the operational compliance list relevant to 403(b) requirements effective during the calendar year. The update adds a discussion of provisions that became effective in 2022.
The IRS intends the list to help plan sponsors and practitioners achieve operational compliance by...
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Tech Talk discusses what exactly an IRS letter ruling is.
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SECURE 2.0 is a reality now — and two industry experts offered their insights in a Jan. 25 webcast as the dust settles.
American Retirement Association Director of Regulatory Affairs Kelsey Mayo, who also is a Partner at Poyner Spruill LLP, and American Retirement Association Director of...
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Tech Talk discusses the rules governing 457 plan written documents.
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Once an employer has established a 457(b) plan, that plan still requires ongoing maintenance to comply with plan design modifications and federal legislative and regulatory changes. The following overview is intended to help governmental employers understand the IRS due dates — both past and...
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In a changing of the guard, Rep. Jason Smith (R-MO) has been selected by the House Republican leadership to take over as chairman of the powerful House Ways and Means Committee, but what does that mean for retirement policy?
Overall, Rep. Smith appears to be somewhat of a blank slate in this area...
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The IRS has updated the procedures for letter rulings and information letters. The update is contained in Revenue Procedure (Rev. Proc.) 2023-1.
More specifically, the IRS has updated the procedures for letter rulings and information letters issued by the Associate Chief Counsel (Corporate),...
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The IRS has updated the procedures for determination letter requests. The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2023-04.
Rev. Proc. 2023-04 is a general update of Rev. Proc. 2022-4, published in Internal Revenue Bulletin 2022-01, which sets forth:
general information...
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The IRS has issued proposed regulations on the use of electronic media to make participant elections and spousal consents. The proposed regulation generally affects sponsors and administrators of, and individuals entitled to benefits under, certain qualified retirement plans.
The proposed...
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Capping off months of anticipation and hard work, the SECURE 2.0 Act of 2022 is now law, since the President signed the legislation Dec. 29 after it was flown down to him while on vacation in St. Croix, U.S. Virgin Islands.
The final SECURE 2.0 legislation[1] was included in Division T of the...
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The Treasury Department and Internal Revenue Service have announced that brokers will not be required to report additional information with respect to dispositions of digital assets until final regulations are issued.
According to IRS Announcement 2023-2, brokers are still required to comply with...
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There was plenty of activity in 2022 affecting plans, participants, employers, and service providers, and NTSA Net was there. But the year that was also provided copious reminders that content that provides nuts-and-bolts information is critically important.
The top 10 posts on NTSA Net in 2022...
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