regulatory and legislative

Proposed Rule Updating Employee Classification Under FLSA

The DOL Wage and Hour Division has released a proposed rule titled Employee or Independent Contractor Classification Under the Fair Labor Standards Act that is scheduled to be published on October 13, 2022.

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

DOL

IRS Announces Targeted RMD Relief for Certain 2021 and 2022 Beneficiary Distributions under SECURE Act

The IRS has released Notice 2022-53, announcing its intent to issue final regulations related to RMDs that will apply no earlier than the 2023 distribution calendar year.

FuturePlan ERISA Team

Defined Contribution Plan

IRS

IRA

IRS Guidance

IRS Requests Comments on Form 5558 Revisions

The IRS has issued a notice and request for comments related to Form 5558, Application for Extension of Time to File Certain Employee Plan Returns.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

Deadline Relief for South Carolina Victims of Hurricane Ian

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Ian in South Carolina.

FuturePlan ERISA Team

Legislative updates

Defined Contribution Plan

Deadline Relief for North Carolina Victims of Hurricane Ian

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Ian in North Carolina.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

IRA

Hardship Distributions May Be Permitted for North Carolina Hurricane Ian

The Federal Emergency Management Agency (FEMA) has issued a disaster declaration for North Carolina Hurricane Ian, beginning September 28, 2022.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

IRA

IRS Proposes User Fee Increase for Enrolled Actuaries

The IRS has issued a proposed rule to increase the renewal fee for Enrolled Actuaries from $250 to $680.

FuturePlan ERISA Team

IRS

IRS Guidance

IRS Posts Draft Form for Reporting Qualified Disaster Retirement Plan Distributions

The IRS has posted a draft Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments as of September 30, 2022.

FuturePlan ERISA Team

IRS

IRS Releases Draft Forms 1099-R and 5498 for 2023 Tax Year

The IRS has posted draft versions of Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and Form 5498, IRA Contribution Information for tax year 2023.

FuturePlan ERISA Team

IRS

Deadline Relief for Florida Victims of Hurricane Ian

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Ian in Florida.

FuturePlan ERISA Team

IRS

Defined Contribution Plan

IRA

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