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:
- regulations on the application of the normal retirement age regulations under Internal Revenue Code Section 401(a) to governmental plans, which the IRS issued on Jan. 27, 2016;
- 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.
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