New Guidance from IRS on Correction of Errors in Qualified Retirement Plans
The IRS released Notice 2023-43 to provide interim guidance on plan correction changes under SECURE 2.0 until Rev. Proc. 2021-30 (EPCRS) is updated.
Will New Rules Exempt Your Benefit Plan from the Annual Audit Requirement?
On February 24, 2023, the Federal Register announced changes to the 2023 Form 5500. One significant change was in the method for determining which employee benefit plans will require an audit for 2023.
SECURE 2.0: Considerations to achieve your workforce and business goals
Employers that understand SECURE 2.0's new requirements and the pros and cons of adopting optional provisions can implement the act effectively.
What does SECURE 2.0 mean for small employers?
SECURE 2.0 changes retirement plan rules for small employers with 100 or fewer employees.
401(k) Plan Participant Loan Year-End Review
Too often, we find participant loans that were never set up in payroll or where payroll withholding of repayments ceased prematurely, resulting in defaulted participant loans. For calendar year-end plans, plan sponsors have until March 31 of the following year to correct the failed set up of a participant loan.
Retirement plan changes for long-term, part-time employees
SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans.
Key Takeaways for Employers under the SECURE 2.0 Act of 2022
SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs).
Cybersecurity and Employee Benefit Plans
Plan sponsors have a fiduciary responsibility to understand cybersecurity risk in an employee benefit plan (EBP). In order to satisfy this responsibility, plan sponsors must understand how EBPs are exposed to cybersecurity risk and design effective controls to mitigate that risk.
IRS Releases 2023 Tax Inflation Adjustments
IRS releases inflation adjustments for 2023. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
What’s Going on at the IRS? Problems and Steps to Improve Service
2021 was described as the worst year ever for the IRS. Several compounding problems, exacerbated by COVID-19, led to a historic backlog. Now, the agency is taking steps to improve service.