Hardship Distributions May Be Permitted for Tennessee Severe Winter Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 8, 2023, for severe winter storms in Tennessee.
Build Back Better Provisions Resurface in White House Budget Proposal
President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers.
Senate Confirms New IRS Commissioner
The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service.
Hardship Distributions May Be Permitted for Oklahoma Severe Winter Storms
The Federal Emergency Management Agency issued a disaster declaration on March 3, 2023, for severe winter storms in Oklahoma.
IRS Provides IRA Reporting Relief in Light of SECURE 2.0 Act’s RMD Age Change
On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum distribution (RMD) reporting by IRA trustees, custodians, and issuers.
Hardship Distributions May Be Permitted for South Dakota Severe Storms
FEMA issued a disaster declaration on February 27, 2023, for severe winter storms and snowstorms in South Dakota.
Proposed Rule on Use of Forfeitures in Qualified Plans Released
The IRS has released a proposed rule intending to clarify the use and timing of the allocation of forfeitures in qualified retirement plans.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2023-19, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Additional Final Form 5500 Guidance Issued
The revisions are effective for plan years beginning on or after January 1, 2023.
IRS Finalizes Electronic Filing Requirements for Certain Information Returns
The IRS has released final regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019.
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