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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 Staff2/12/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us if a company may allow employees to repay defaulted loans and then take out a second loan repaid via checking/savings account deductions. READ MORE

By NTSA Net Staff2/5/2016 • 0 Comments

In MarketBeat, Kimberly Flett provides a discussion of reporting under the Affordable Care Act, which the NTSA Communication Committee believes will be helpful in understanding other reporting obligations.
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By ASPPA Net Staff2/5/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us what the options are for a client after he attains age 59½ who already has been taking substantially equal distributions for six years. READ MORE

By NTSA Net Staff1/29/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us if a client with an outstanding defaulted loan can be granted a second one if repayment is set up to come automatically from the client’s checking account. READ MORE

By NTSA Net Staff1/29/2016 • 0 Comments

The IRS in Notice 2016-16, issued Jan. 29, provides guidance on mid-year changes to a safe harbor plan under Internal Revenue Code Sections 401(k) and 401(m). READ MORE

By NTSA Net Staff1/26/2016 • 0 Comments

The IRS has issued a proposed rule on the determination of whether the normal retirement age under a governmental pension plan satisfies Internal Revenue Code requirements and whether paying definitely determinable benefits starting at the plan’s normal retirement age satisfies t READ MORE

By NTSA Net Staff1/26/2016 • 0 Comments

The point has often been made that retirement plan tax “preferences” are a deferral of taxes, not a deduction — and now the Congressional Budget Office has estimated that impact on the nation’s Gross Domestic Product. READ MORE

By NTSA Net Staff1/25/2016 • 0 Comments

In MarketBeat, Robert Toth writes that merging 403(b)s and 401(a)s has been an ongoing issue in the tax-exempt marketplace, and discusses how under the PATH Act, the Internal Revenue Code now will allow such mergers and the transfer of assets from these two kinds of plans. READ MORE

By NTSA Net Staff1/25/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us if the 10% penalty tax would be imposed on a 403(b) withdrawal its holder wants to take to help cover her daughter’s higher education expenses. READ MORE

By NTSA Net Staff1/13/2016 • 0 Comments

The IRS has updated, for 2016, “Instructions for Forms 1099-R and 5498: Text of 2016 IRS Instructions for Forms 1099-R and 5498: Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc., and IRA Contribution Information.” READ MORE

By NTSA Net Staff1/12/2016 • 0 Comments

The IRS has made available updated materials relevant to annual filings that 403(b) plans and certain IRA holders must make. READ MORE

By NTSA Net Staff1/12/2016 • 0 Comments

The Internal Revenue Service wants to encourage plan sponsors to correct certain plan failures — and they’re offering some financial incentives to do so. READ MORE

By NTSA Net Staff1/11/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us whether the 10% premature distribution penalty tax will be imposed on 403(b) withdrawals made by a client who attained age 55 after she stopped working for a school district. READ MORE

By NTSA Net Staff1/11/2016 • 0 Comments

In MarketBeat, David Blask provides information and insights helpful in understanding — and handling — use of after-tax contributions and rollovers of such contributions to a Roth IRA or to a Roth 403(b).
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By NTSA Net Staff1/7/2016 • 0 Comments

The IRS has issued an updated version of Publication 575, “Pension and Annuity Income,” for use in preparing 2015 returns. READ MORE

By NTSA Net Staff1/4/2016 • 0 Comments

In MarketBeat, Ellie Lowder discusses employee benefit-related changes contained in the huge appropriations bill enacted Dec. 18, 2015 that are of interest to NTSA. READ MORE

By NTSA Net Staff1/4/2016 • 0 Comments

In Tech Talk, Ellie Lowder tells us whether a CPA is correct that a client who retired but was rehired three months later for a special project must take an RMD for that year. READ MORE

By NTSA Net Staff1/4/2016 • 0 Comments

Just before Christmas, President Obama signed into law H.R. 2029, a massive year-end spending and tax bill containing a number of provisions affecting health and retirement plans. Here’s what you may have missed. READ MORE

By NTSA Net Staff12/29/2015 • 0 Comments

The IRS Employee Plans office, in the latest issue of Employee Plans News, has issued reminders and links to other information especially useful to plans as the old year ends and a new year begins. READ MORE

By NTSA Net Staff12/28/2015 • 0 Comments

In MarketBeat, Diane D. Capone provides a 403(b) plan compliance calendar for 2016 to help plans make sure that they stay within the applicable rules and regulations in the new year. READ MORE

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