2021 Retirement Savings Limitations Released
The IRS has issued Notice 2020-79, which contains the 2021 retirement savings plan limitations.
IRS Revises Rollover Self-Certification Rules
The IRS has issued modified guidance for taxpayers to self-certify their eligibility for an extension of the 60-day deadline to complete an otherwise-eligible rollover.
New Guidance on Escheated Retirement Plan Account
The IRS has issued guidance for qualified retirement plans that escheat certain accounts of unresponsive or missing participants or beneficiaries to state unclaimed property funds.
Default Withholding Rate for Periodic Retirement Plan Distributions
The IRS has issued a pre-publication version of final regulations on the default tax withholding rate to be applied to periodic and annuitized distributions from retirement plans.
IRS Extends Tax Filing Deadlines for Oregon Wildfire Victims
IR-2020-215 announces a tax filing and payment deadline extension for certain persons and businesses affected by recent wildfires and straight-line winds Oregon.
IRS Seeks More Forms 5500 Information
The IRS has published a notice offering the opportunity to comment on proposed changes to the information the agency collects on Form 5500, Form 5500-SF, and Form 5500-EZ.
IRS Issues Multi-Subject SECURE Act Q&A Guidance
The IRS has issued Notice 2020-68, guidance in question-and-answer (Q&A) format on provisions of legislation enacted in December 2019 in the SECURE Act.
IRS Expands Circumstances for Extending Discretionary Amendment Deadlines
The IRS has issued Revenue Procedure 2020-40, which makes a minor modification to Revenue Procedures 2016-37 and 2019-39.
Qualified Plan Loan Offset Rollover Rules Proposed by IRS
The IRS has released a notice of proposed rulemaking that takes into account changes made by the TCJA related to rollover rules for qualified plan loan offset (QPLO) amounts.
New Fees in 2021 for Certain Determination and Letter Ruling Requests
In Announcement 2020-14, the IRS provides advance notice of fee increases for certain determination applications, effective January 4, 2021.
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