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IRS Issues

This station houses posts and commentary on regulatory requirements and developments at the IRS affecting NTSA members, including the regulatory development process, changes in existing requirements, best practices in ensuring that clients remain in compliance with the tax code and IRS rules, and inside-the-IRS news.


 

 

 

IRS Issues

IRS Issues

By NTSA Net Staff4/4/2016 • 0 Comments

In MarketBeat, Kimberly Flett discusses the advantages of establishing health savings accounts, as well as how they relate to retirement plans. READ MORE

By NTSA Net Staff3/31/2016 • 0 Comments

The IRS on March 31 invited comments on changes that have been proposed to the Form 5500 and several of its schedules, as well as the Form 5500-SUP, for information reporting concerning the 2016 plan year. READ MORE

By NTSA Net Staff3/28/2016 • 0 Comments

In MarketBeat, Ellie Lowder discusses what the letters the Employee Plans Compliance Unit (EPCU) is sending to tax-exempt sponsors of 457(b) top hat plans contain and require of recipients. READ MORE

By NTSA Net Staff3/28/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us whether a 501(c)(3) employer's summary plan description (SPD) must be filed with the Department of Labor. READ MORE

By NTSA Net Staff3/28/2016 • 0 Comments

No fooling — some retirees and IRA holders must take required minimum distributions (RMDs) by April 1. READ MORE

By NTSA Net Staff3/18/2016 • 0 Comments

In MarketBeat, Linda Segal Blinn helps readers to learn to separate fact from fiction to keep defined contribution plans operating within the Internal Revenue Code limits. READ MORE

By NTSA Net Staff3/18/2016 • 0 Comments

In Tech Talk, Ellie Lowder has a suggestion regarding how to obtain a copy of a sample annual meaningful notice of the employees’ right to participate in their employers' 403(b) plan. READ MORE

By NTSA Net Staff3/15/2016 • 0 Comments

The IRS on March 11 updated its web page on the Employee Plans Compliance Unit (EPCU) Non-Governmental 457(b) Plans Excess Deferrals Project. READ MORE

By NTSA Net Staff3/14/2016 • 0 Comments

In MarketBeat, Susan Diehl provides a reminder about the new fees for pre-approved plans to be submitted — mass submitters vs. word-for-word adopters, cost of PLRs and miscellaneous costs for other rulings — in place in 2016. READ MORE

By NTSA Net Staff3/14/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us whether a client who is severing employment in the year he turns 55, but before his birthday, will be subject to the 10% penalty tax if he makes withdrawals from his 403(b). READ MORE

By NTSA Net Staff3/10/2016 • 0 Comments

The IRS has made available the updated Form 5500-EZ and its instructions for 2015 reporting; these versions replace those the IRS made available Feb. 18. READ MORE

By NTSA Net Staff3/8/2016 • 0 Comments

IRS Employee Plans Division (EP) Rulings & Agreements Director Karen Truss has issued a memo to EP determinations employees that sets forth interim guidelines for processing 403(b) pre-approved plan applications for letters on spousal benefit provisions. READ MORE

By NTSA Net Staff3/7/2016 • 0 Comments

In Tech Talk, Ellie Lowder says how the ERISA exemption of a 403(b) plan that allows only elective deferrals would be affected if the plan sponsor began approving loans and hardship withdrawals. READ MORE

By NTSA Net Staff3/2/2016 • 0 Comments

The Office of Management and Budget on March 1 received a proposal from the Department of Labor to revise the Form 5500, part of a long-term strategic effort three agencies are undertaking to modernize and improve the Form 5500. READ MORE

By NTSA Net Staff3/1/2016 • 0 Comments

On Feb. 23, the American Retirement Association filed a comment letter with the IRS suggesting enhancements that can be made to the IRS pre-approved plan program for plans subject to Internal Revenue Code Sections 401(a) or 403(b). READ MORE

By NTSA Net Staff3/1/2016 • 0 Comments

In MarketBeat, Susan Diehl tells us whether — when school district employees elected to make a Roth 403(b) salary deferral, but they were all set up as regular pre-tax deferrals and it was not caught for six months — the employees can change their election to pre-tax to correct the situation. READ MORE

By NTSA Net Staff3/1/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us what the options are for two sons who inherited their mother’s 401(k), pension and IRA. READ MORE

By NTSA Net Staff2/22/2016 • 0 Comments

In MarketBeat, Susan Diehl provides an overview of Notice 2016-16, which includes guidance for traditional safe harbor plans and QACAs and eliminates much of the uncertainty which has overshadowed this popular plan design. READ MORE

By NTSA Net Staff2/22/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us whether a client with an IRA can convert the funds to a life only annuity payout after age 70½ and avoid the required minimum distribution penalties. READ MORE

By NTSA Net Staff2/12/2016 • 0 Comments

In MarketBeat, Ellie Lowder tells us what a client should do if he or she failed to take a required minimum distribution and now is in a state of panic over the error. READ MORE

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