News

Deadline Relief for California Severe Winter Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storms, straight-line winds, flooding, landslides, and mudslides in California.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

Defined Contribution Plan

IRA

HSA

Senate Proposal Would Make Certain ABLE Tax Provisions Permanent

Senator Ted Cruz (R-TX) and co-sponsor Senator Mike Braun (R-IN) have introduced S. 1226, a bill to make permanent several individual tax provisions.

FuturePlan ERISA Team

Legislative updates

ABLE Account

Prime Interest Rate Increased to 8.25 Percent

Effective May 3, 2023, the prime interest rate increased from 8.00 percent to 8.25 percent.

FuturePlan ERISA Team

Defined Contribution Plans

IRS Releases Proposed Forfeiture Guidance

The IRS recently released proposed regulations regarding the use of forfeitures within qualified retirement plans.

FuturePlan ERISA Team

Washington Pulse

IRS

Defined Contribution Plan

Deadline Relief for Florida Severe Storms, Tornadoes, and Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes, and flooding in Florida.

FuturePlan ERISA Team

IRS

Draft Instructions for Determination Filings of Modified Nonstandardized Pre-Approved Plans Released

The IRS has published a June 2023 draft of instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

FuturePlan ERISA Team

IRS

Disaster Assistance May Be Available for Florida Severe Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 27, 2023, for severe storms, tornadoes, and flooding in Florida.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

IRA

Proposal Directing SEC to Allow Electronic Delivery Advances Out of Committee

A bill introduced by Congressman Bill Huizenga (R-MI), has been passed out of the House Financial Services Committee.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Disaster Assistance May Be Available for Nevada Severe Winter Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration for severe winter storms, flooding, landslides, and mudslides in Nevada.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

IRA

Proposal to Encourage Profit Sharing Introduced in House

Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.

FuturePlan ERISA Team

Legislative updates

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