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IRS Updates Priority Guidance Plan

The IRS has released the third quarter update to its 2015-2016 Priority Guidance Plan. The update lists projects — including guidance relevant to retirement plans — it had announced at the outset of the period July 1, 2015-June 30, 2016; it also notes progress made during the period Oct. 1, 2015-March 31, 2016 and adds more projects that have become IRS priorities.

Projects related to retirement plans on which the IRS has noted action include the following:


  • guidance under Code Sections 401(k)(12) and (13) on safe harbor 401(k) plans regarding
    certain mid-year changes
    and certain business transactions issued on Jan. 29, 2016;

  • regulations on closed defined benefit plans issued on Jan. 29, 2016; and

  • guidance on revisions to the determination letter process issued on Aug. 10, 2015 and Jan. 19, 2016.

Projects that remain IRS priorities include:

  • guidance on Code Section 4975;

  • regulations relating to the reporting requirements under Code Section 6057;

  • additional guidance on issues relating to lifetime income from retirement plans and IRAs;

  • a revenue procedure (Rev. Proc.) further amending Rev. Proc.2013-12 concerning the Employee Plans Compliance Resolution System (EPCRS) to provide guidance with regard to certain corrections; and

  • guidance providing clarification regarding the Voluntary Closing Program for failures EPCRS does not cover.