IRS Announces Applicable Federal Rates for August 2023
The IRS has issued Revenue Ruling 2023-13, which contains the applicable federal rates (AFR) for August 2023.
IRS Issues Interim Guidance on Plan Corrections under SECURE 2.0 Act
The SECURE 2.0 Act of 2022, provisions affecting the Employee Plans Compliance Resolution System support the IRS trend toward shifting certain types of retirement account corrections to the Self Correction Program.
IRS Announces Deadline Relief for Vermont Flooding
The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Vermont.
IRS Provides Additional RMD Transition Relief Under SECURE, SECURE 2.0
The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions in connection with the change in required beginning date to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.
Outbreak Period Ends
The National Emergency in response to COVID-19 that began on March 20, 2020, ended on May 11, 2023.
IRS Proposes Rules for Determining Corporate Bond Yield Curve
The IRS has released a proposed rule aimed at specifying the methodology used to develop the corporate bond yield curve.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2023-48, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Proposed Regulations Govern Making Participant Elections and Spousal Consents Electronically
Responding to numerous requests to make the temporary provisions permanent, the IRS issued proposed regulations.
403(b) Plan Determination Program Opens June 1
The IRS provided a reminder in the May 24, 2023, edition of Employee Plans News that beginning June 1, 2023.
IRS Provides EPCRS Guidance Related to SECURE 2.0
The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.
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