Topic: IRS

IRS Notice 2022-23 Extends Retirement Plan Amendment Deadlines

On August 3, 2022, the Internal Revenue Service issued IRS Notice 2022-33, which extends the ‎deadline for amending certain plans with the applicable requirements of the Setting Every ‎Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan ‎American Miners Act of 2019 (Miners Act), and one provision of the Coronavirus Aid, Relief, ‎and Economic Security Act (CARES Act).‎

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IRS Announces 2022 Retirement Plan Limits – Most Limits Increase

The Internal Revenue Service announced the 2022 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2022.  Most of the dollar limits, including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans, the annual compensation limit under 401(a)(17) and the maximum annual contribution limit under Code Section 415(c) will increase from 2021 limits.

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IRS Provides Additional Guidance on COBRA Premium Subsidy

On July 26, 2021, the IRS issued Notice 2021-46 (the “Notice”), which provides new guidance in the form of 11 questions and answers on the COBRA premium subsidy and the related tax credit under the American Rescue Plan Act of 2021 (“ARPA”). The Notice expands on previous guidance provided under Notice 2021-31.

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IRS Extends Relief Allowing Remote Witnessing Procedures for Certain Retirement Plan Elections

As the COVID-19 pandemic drags on, administrators of defined benefit pension plans continue ‎to field questions about the notary requirement related to certain participant and spousal ‎elections. For qualified retirement plans subject to the qualified joint and survivor annuity rules ‎‎(such as defined benefit pension plans), an alternative form of payment may be selected by a ‎participant if the participant’s spouse consents in writing and the spouse’s signature is witnessed ‎in the physical presence of a plan representative or a notary public.‎

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IRS Announces 2021 Retirement Plan Limits – Most Limits Remain Unchanged

The Internal Revenue Service announced the 2021 cost-of-living adjustments to the dollar ‎limitations for qualified retirement plans and other benefits, and the Social Security ‎Administration announced its own cost-of-living adjustments for 2021. Most of the dollar limits, ‎including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans and the ‎dollar limit for catch-up contributions (if age 50 or older), will remain unchanged from 2020 ‎limits.‎

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IRS Issues COVID-19 Relief on Mid-Year Changes to Safe Harbor 401(K) Plans

The Internal Revenue Service (IRS) issued helpful guidance to plan sponsors of safe harbor 401(k) plans that are considering reducing or suspending safe harbor employer matching contributions or safe harbor nonelective contributions as a result of the COVID-19 pandemic.  As explained below, IRS Notice 2020-52 provides temporary relief from certain requirements that would otherwise apply for making mid-year amendments to safe harbor 401(k) plans.

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IRS Takes the Position That No Statute of Limitations for ACA Employer Shared Responsibility Payments

In a surprising memo from the IRS Office of Chief Counsel, the IRS concluded that there is no ‎statute of limitations period on the Employer Shared Responsibility Payments (“ESRP”) under ‎the Affordable Care Act. The IRS reasoned that the filing of Forms 1094-C and 1095-C (“ACA ‎Returns”) does not start the statute of limitations period because such forms do not satisfy the ‎requirements to be considered a tax return.‎

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