News

IRS Announces Deadline Relief for Alaska Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of flooding in Alaska until May 1, 2025.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Benefit Plan

Defined Contribution Plan

Retirement Plan Disaster Assistance May Be Available for Virgin Islands Tropical Storm Ernesto

The Federal Emergency Management Agency issued a Major Disaster Declaration on October 25, 2024, for Virgin Islands Tropical Storm Ernesto.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Benefit Plan

Defined Contribution Plan

Retirement Plan Disaster Assistance May Be Available in Nebraska and New York

The Federal Emergency Management Agency issued Major Disaster Declarations on October 21, 2024, for the following locations: Nebraska severe storms, straight-line winds, tornadoes, and flooding, and New York severe storm and flooding.

FuturePlan ERISA Team

IRS

IRS Guidance

Defined Benefit Plan

Defined Contribution Plan

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The Internal Revenue Service has issued Notice 2024-76, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

FuturePlan ERISA Team

Defined Benefit Plan

IRS

IRS Guidance

Retirement Plan Disaster Assistance May Be Available for North Carolina Potential Tropical Cyclone Eight

The Federal Emergency Management Agency issued a Major Disaster Declaration on October 19, 2024, for North Carolina Potential Tropical Cyclone Eight.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Benefit Plan

Defined Contribution Plan

IRS Posts Final Regulations on Withholding on Certain Distributions to Payees Outside the United States

The IRS has posted final regulations regarding income tax withholding on certain periodic payments and nonperiodic distributions from employer deferred compensation plans that are not eligible rollover distributions.

FuturePlan ERISA Team

IRA

IRS

IRS Guidance

Legislative updates

Defined Contribution Plan

Retirement Plan Disaster Assistance May Be Available for Alaska Flooding

The Federal Emergency Management Agency issued a Major Disaster Declaration on October 16, 2024, for Alaska flooding.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Benefit Plan

Defined Contribution Plan

IRS Releases Guidance on Inadvertent Benefit Overpayments Under SECURE 2.0

The Internal Revenue Service has released Notice 2024-77, Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments.

FuturePlan ERISA Team

IRS

IRS Guidance

Retirement Spotlight

Defined Contribution Plan

IRA

SECURE 2.0

IRS Announces Applicable Federal Rates for November

The IRS has issued Revenue Ruling 2024-24 which contains the applicable federal rates (AFR) for October 2024.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Contribution Plan

Defined Benefit Plan

IRS Announces Deadline Relief for Hurricane Milton in Florida

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Milton in Florida until May 1, 2025.

FuturePlan ERISA Team

IRS

IRS Guidance

IRA

Defined Benefit Plan

Defined Contribution Plan

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