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08Jun

FLASHPOINT: THE IRS PROVIDES AN OPPORTUNITY TO GET WITH THE PROGRAM

On June 3, 2022, the IRS issued an edition of its Employee Benefits News (“EBN”) in which it advised plan sponsors and advisors of a new pilot Pre-Examination Compliance Program.  Under this program, the IRS sends a plan sponsor a letter, advising it has selected the sponsor’s plan for an Employee Plans examination.  Nothing new […]
26May

FLASHPOINT: CAN WE SELF-CORRECT A MISSED RESTATEMENT? YOU BET! WELL, MAYBE…

There has been a lot of confusion as to whether the Internal Revenue Service’s (“IRS”) most recent plan correction procedure (i.e., the Employee Plans Compliance Resolution System (“EPCRS”), Revenue Procedure 2021-30) permits a plan sponsor to self-correct a failure to restate the plan when required.  Put more simply, if we miss the July 31, 2022, […]
13Dec

FLASHPOINT: BOY, ARE YOU IN TROUBLE NOW! … UH, MAYBE NOT!

Periodically, the Internal Revenue Service (IRS) or the Department of Labor, both of whom have authority over Forms 5500, scan their records electronically to determine if everyone has filed their Forms 5500 for the year. While this seems reasonable, it has often been our experience that the scan occurs prior to the time that the […]
04Nov

FLASHPOINT: IRS ANNOUNCES 2022 COST OF LIVING ADJUSTMENTS TO VARIOUS RETIREMENT PLAN LIMITS

The IRS just released the cost of living adjustments for various retirement plan limitations that will take effect on January 1, 2022. The Social Security Administration has issued the largest jump in 40 years for 2022. Equally, with the increase in inflation, the IRS bumped up a number of other key limits for 2022. The […]
06Aug

FLASHPOINT: FORM 5500 CLARIFICATION … BETTER LATE THAN NEVER

Form 5500 Clarification … Better Late than Never One of the highly useful provisions from the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) is the ability to adopt a new plan after the end of the plan year, as late as the filing deadline for the employer’s tax return.  This […]
20Jul

FLASHPOINT: THE NEWEST EPCRS: ALL GOOD NEWS (EXCEPT WHEN IT’S NOT)

The IRS issued the long-awaited update of its Employee Plans Compliance Resolution System (EPCRS) on Thursday, July 15, 2021.  Revenue Procedure 2021-30 (“Rev. Proc. 2021-30”), which supersedes the previous EPCRS procedure, Rev. Proc. 2019-19: maintains the now familiar structure of the IRS’s correction procedures; lengthens the time for self-correcting significant operational failures and document failures; […]
26Oct

FLASHPOINT: IRS ANNOUNCES 2021 COST OF LIVING ADJUSTMENTS TO VARIOUS RETIREMENT PLAN LIMITS

The IRS just released the cost of living adjustments for various retirement plan limitations that will take effect on January 1, 2021.  We aren’t seeing a lot of increases for 2021. The key limits that increased (shown below in bold italics) include the compensation that is taken into account for plan purposes, the total amount […]
10Sep

FLASHPOINT: ALL THE GUIDANCE THAT’S FIT TO PRINT: GIFTS FROM THE DOL AND IRS (GEE, WE DIDN’T GET THEM ANYTHING!)

In the last few weeks, the U.S. Department of Labor (“DOL”) and Internal Revenue Service (“IRS”) have published a number of key items of guidance.  Ranging from Pooled Plan Provider (“PPP”) registrations and lifetime income illustrations to rollover rules for qualified plan loan offsets, the materials are vast and welcome by many in this industry. […]
  • Posted by Ferenczy Benefits Law Center
  • On September 10, 2020
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18Aug

FERENCZY FLASHPOINT: USER FEES GOING UP AND CARES UPDATE

Updated User Fees for IRS Filings The IRS just issued the user fees for 2021 in Announcement 2020-14.  Unlike in 2018, when the IRS increased user fees overnight with no advance notice (yes, we hold a grudge), the IRS is letting us know several months in advance so that we can take some preemptive action […]
30Jun

FLASHPOINT: IRS STILL CARES SUSPENSION OR REDUCTION OF SAFE HARBOR CONTRIBUTIONS FOR 2020

In Notice 2020-52 (the “Notice”), issued on June 29, 2020, the IRS continues providing relief for employers during the COVID pandemic.  In particular, the Notice permits employers to suspend or reduce safe harbor contributions in 401(k) and 403(b) plans after March 13, 2020, for the balance of the year, regardless of whether the employer is […]