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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 John Iekel7/14/2014 • 0 Comments

The IRS on July 11 announced that it is withdrawing a proposal it made in 1981 for an amendment to regulations governing IRA rollovers. The proposed amendment to Treas. Reg. § 1.408-4(b)(4)(ii) would have applied the rollover limitation on an IRA-by-IRA basis. This withdrawal affects individuals who maintain IRAs and financial institutions that are trustees, custodians, or issuers of IRAs. READ MORE

By John Iekel7/2/2014 • 0 Comments

The Treasury Department issued a rule July 1 that essentially allows employees to convert part of their IRA or 401(k) balances into a longevity annuity. Under the rule, an IRA or 401(k) can allow participants to use $125,000 or up to 25 percent of their IRA or 401(k) — whichever is less — to buy a longevity annuity. The dollar limit will be adjusted for inflation in $10,000 increments.  READ MORE

By John Iekel6/25/2014 • 0 Comments

The federal government, a purveyor of regulations and legislation, has set before the 403(b) community a veritable blue plate special — and one with a long shelf life to boot. NTSA President Susan Diehl of PenServ Services, Inc., outlined what’s on that plate at NTSA’s 403(b) Summit in Washington, D.C., on June 24.

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By John Iekel6/24/2014 • 0 Comments

The watchword of the day is patience. And detailed preparation. Speaking to a packed room at a June 23 general session of the NTSA 403(b) Summit in Washington, D.C., Kristi Cook, head of an eponymous law firm, and Ellie Lowder, of TSA Consulting, outlined the challenges facing the 403(b) industry.  READ MORE

By John Iekel6/10/2014 • 0 Comments

The U.S. Supreme Court issued its decision in U.S. v. Windsor — in which it said that retirement plans must treat a same-sex spouse just they would any other spouse for purposes of benefits under the retirement plan — one year ago, on June 26, 2013. That makes this an opportune time for Ellie Lowder in MarketBeat to review some of the latest guidance that implements the Court’s ruling and with which you must comply. 

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By John Iekel5/22/2014 • 0 Comments

Have you made a mistake in administering your 403(b) plan? Does this mistake put you at risk of IRS action? If so, you are not alone — not only in the sense that others have made mistakes, but also because the IRS has updated its 403(b) Plan Fix-It Guide, a resource that tells plan sponsors how to identify errors in 403(b) administration and correct them. Equally important: the IRS also says how to avoid the mistake in the first place.  READ MORE

By John Iekel5/10/2014 • 0 Comments

The IRS is auditing 403(b) plans — especially in light of the changes made to the 403(b) regulations in the last few years. In the latest Market Beat, Kimberly A. Flett points out that with the right amount of planning and proper administration, plan sponsors can avoid audit pitfalls and provide for an employer-sponsored plan that effectively meets IRS guidance and regulations. READ MORE

By John Iekel4/14/2014 • 0 Comments

It’s now easier for plan sponsors and employers to participate in the 403(b) pre-approved plan program.  April 14 was the effective date of IRS Revenue Procedure (Rev. Proc.) 2014-28. The new guidance modifies guidance the IRS issued last year, Rev. Proc. 2013-22, to make it easier for a person to qualify as a pre-approved 403(b) plan sponsor and as a mass submitter.

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By John Iekel4/14/2014 • 0 Comments

New guidance from the IRS may make the plan-to-plan rollover process a little smoother. Revenue Ruling 2014-9, issued on April 3, is intended to make it easier for plan participants to consolidate their retirement savings accounts by making it easier for them to move assets from one employer plan to another.  READ MORE

By Ronald Triche4/12/2014 • 0 Comments

The IRS, in Notice 2014-19 and related FAQs, says clearly that retirement plans — including 403(b) plans — have to recognize same-gender spouses and spells out how. The notice and FAQs, which the IRS issued April 4, are a follow-up on Revenue Ruling (Rev. Rul.) 2013-17, which provided general guidance on the tax implications of the Supreme Court’s decision in U.S. v. Windsor (the DOMA case). READ MORE

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