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.
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.
Employers that understand SECURE 2.0's new requirements and the pros and cons of adopting optional provisions can implement the act effectively.
SECURE 2.0 changes retirement plan rules for small employers with 100 or fewer employees.
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.
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.
SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs).
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 inflation adjustments for 2023. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
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.