IRS Guidance

The SECURE 2.0 Act of 2022, (SECURE 2.0) provisions affecting the Employee Plans Compliance Resolution System (EPCRS) support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program (SCP).

The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.

The IRS has released a proposed rule aimed at specifying the methodology used to develop the corporate bond yield curve.

The coronavirus pandemic resulted in restrictions on where and how people could meet. These limitations—including remote work requirements—made it harder for some participants to take distributions from employer-sponsored retirement plans.

The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.

The IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2024.

The IRS has issued Notice 2023-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The Department of the Treasury and the Internal Revenue Service are soliciting recommendations for items to be included on the 2023-2024 Priority Guidance Plan.

The Internal Revenue Service (IRS) recently released a memorandum from the Office of the Chief Counsel addressing claims substantiation for payment or reimbursement of medical and dependent care expenses.

During the COVID-19 Public Health Emergency (PHE) and National Emergency, numerous requirements were introduced for group health plans, which were generally aimed at ensuring individuals did not forgo testing or treatment for COVID-19 because they could not afford to pay for such services.