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IRS Issues

If you made an error with IRA contributions or discover one, there still is time to correct them. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.  Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement... READ MORE
Tech Talk discusses which agencies other than the Department of Labor and its Employee Benefits Security Administration have a role in regulating and overseeing 403(b) plans or investment options provided to participants. READ MORE
Social Security—often cited as a “third rail”—has been a staple of the retirement landscape for almost 90 years. But that doesn't mean that it’s free of misconceptions; in MarketBeat, John Iekel discusses a recent commentary that highlights some to avoid. READ MORE
Taking action in advance to protect vital documents can be helpful when a disaster strikes, a principle that applies to retirement plans and administration as well as other records and functions, writes John Iekel in MarketBeat.  READ MORE
Think you’ve taken care of everything with your 457 plan? Maybe you have—but maybe you haven’t.  In the second of a two-part series in the Trucker Huss “The Benefit of Benefits” blog, Scott E. Galbreath discusses more common mistakes he has encountered in 457 plans that exempt organizations (EOs)... READ MORE
The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions. The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000. More... READ MORE
Running any employee benefit plan entails following certain rules—and it is always possible that at some point, a mistake will be made in running a plan. An expert offers his observations regarding mistakes that tax-exempt organizations (EOs) make with their 457(b) plans.  In a recent entry in the... READ MORE
The IRS on Aug. 21 issued an update to the 2022-2023 priority guidance plan, which still includes plans to take action relevant to 403(b)s. 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... READ MORE
Tech Talk addresses whether, and how, a 403(b) holder can take a loan from the account if the employer through which the 403(b) was started no longer exists. READ MORE
Tech Talk discusses actions the IRS says one should take when an employer fails to give all employees an opportunity to make a salary deferral. READ MORE
Tech Talk discusses the IRS’ suggestions regarding how to avoid exceeding the Internal Revenue Code Section 415(c) limits for employer and employee contributions to 403(b)s. READ MORE
It’s hurricane season. So far, it’s been mild, but that may not last. The current lull offers an opportunity to take preparations that will protect your plan and participants if you have not already.  The IRS offers the following tips to help be ready in case a disaster happens.  Take Advantage... READ MORE
The IRS on July 14 made multiple announcements concerning required minimum distributions (RMDs), including relief concerning RMDs and rollovers in accordance with Section 107 of SECURE 2.0. The guidance is contained in Notice 2023-54.  Transition Relief  The IRS says that after SECURE 2.0 was... READ MORE
Tech Talk addresses what an organization should do when a 403(b) plan fails to limit employer and employee contributions so they do not exceed Internal Revenue Code Section 415(c) limits. READ MORE
A surprising finding in a comprehensive report from earlier this year, writes John Sullivan in MarketBeat, is that there is no gender gap in access to employer-based retirement plans, nor in participation rates. He continues that the same cannot be said for savings. READ MORE
Tech Talk provides a checklist that the IRS has prepared to help keep a 403(b) plan in compliance with many important rules. READ MORE
The IRS’ 2007 403(b) regulations fundamentally altered the 403(b) marketplace. The imposition of those regulations of greater responsibility on 403(b) plan sponsors for maintaining the continued tax favored status of their plans triggered—among other things—efforts by a number of employers,... READ MORE
Tech Talk discusses how under Revenue Procedure 2021-30, certain failures cannot be corrected through the self-correction program (SCP) of the IRS Employee Plans Compliance Resolution System (EPCRS). READ MORE
Tech Talk discusses what a 403(b) plan sponsor may do through the self-correction program (SCP) of the IRS Employee Plans Compliance Resolution System (EPCRS). READ MORE
While the SECURE Act and SECURE 2.0 seek to make it easier for small business to offer a retirement plan, many employers that do not offer coverage still appear to be clinging to the same reasons for not doing so, writes Ted Godbout in MarketBeat. READ MORE