401(k): Updates to EPCRS Correction Programs Encourage Employers to Self-Identify, Correct Mishaps
On July 16, 2021, the IRS issued Revenue Procedure (“Rev. Proc.”) 2021-30, the most recent comprehensive official guidance concerning the IRS’s Employee Plans Compliance Resolution […]
401K: Physical Presence Relief for Elections and Consents
On June 24, 2021, the IRS issued Notice 2021-40 (“Notice”) which further extends the temporary relief from the “physical presence requirement” (see below) previously granted […]
401(k): IRS Releases Final Regs on Deadline Extensions for Federally Declared Disasters
On June 11, 2021, the IRS issued its Final Regulations on the subject of the mandatory, minimum 60-day postponement of certain tax-related deadlines due to […]
Interpreting ARPA’s COBRA Subsidy: Part 1
The IRS published its 41-page FAQs, Notice 2021-31 (the Notice) which provides answers to many questions surrounding the COBRA premium assistance program (Subsidy) created by […]
401(K): Deadline For Returning 2020 Excess Deferrals Remains April 15, 2021
On April 8, 2021, the IRS announced on the “Employee Plan News” section of its website that the deadline for returning excess deferrals made to […]
2020 Taxes: Did You Take a Coronavirus-Related Distribution from your 401(k)?
IMPORTANT! If you received a “coronavirus-related distribution” from your 401(k) plan during 2020, don’t forget to report this on your 2020 Federal income tax return! […]
New Guidance for 401(k) Plans on Missing Participants
On Tuesday, January 12, 2021, the U.S. Department of Labor (“DOL”) issued official guidance on locating missing participants in retirement plans, including 401(k) plans. The […]
ICHRAs and the Shared Responsibility Payment: Final Regulations
The IRS outlined final rules regarding the shared responsibility payment (SRP) and other nondiscrimination rules applicable to health reimbursement arrangements (HRAs) and other account-based group […]
IRS Guidance on Secure Act Auto-Enrollment and Safe Harbor Plan Changes
On December 9, 2020, the Internal Revenue Service (“IRS”) issued question-and-answer guidance (Notice 2020-86) regarding certain changes to safe harbor 401(k) plans and auto-enrollment arrangements […]