News

Mary McCooe to Speak at Maine ESOP Event

August 12, 2019

Mary McCooe will be speaking at the Maine Employee Ownership Fall Conference on September 26, 2019 at the Augusta Civic Center. To learn more or attend, please reach out or visit https://www.maine-esops.org/.

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Mary McCooe to Speak at The ESOP Association Event

July 25, 2019

Mary McCooe will be speaking at The ESOP Association New England Chapter 2019 Fall ESOP Conference on October 11, 2019 in Springfield, MA. To learn more or attend, please reach out or visit https://www.esopassociation.org/.

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IRS Request for Comments on Proposed Revisions to Filing Process for Form 5500-EZ

May 8, 2019

The IRS is soliciting comments concerning the Annual Return/Report of Employee Benefit Plan. The Form 5500 and Form 5500-SF are currently filed electronically through the web-based EFAST2 system. The Form 5500-EZ is currently filed on paper with the IRS or by answering a subset of questions on the Form 5500-SF, which is then filed electronically through EFAST2. The IRS pla... Read More

Mary McCooe to Speak at The ESOP Association National Conference

May 3, 2019

Mary McCooe will be speaking at The ESOP Association National Conference on May 24, 2019 in Washington, DC. To learn more or attend, please reach out or visit https://www.esopassociation.org/.

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IRS Rev. Proc. 2019-20: Determination Letter Program

May 2, 2019

The IRS released Revenue Procedure 2019-20, which expands the determination letter program to include:

  • Statutory hybrid plans – plan sponsors may submit determination letter applications for statutory hybrid plans from September 1, 2019, through August 31, 2020.
  • Plan mergers – plan sponsors may submit determi... Read More

IRS Rev. Proc. 2019-19: Retirement Plan Self-Correction Program

May 2, 2019

The IRS expanded the Self-Correction Program (SCP) in Rev. Proc. 2019-19 to make it easier to self-correct certain retirement plan mistakes. Expanded SCP permits:

  • The self-correction of certain plan document failures;
  • Correction options and possible relief from deemed distributions associated with specified fa... Read More

DOL Obtains Consent Order and Judgment to Distribute Assets to Retirement Plan Participants

May 2, 2019

After an investigation by the U.S. Department of Labor’s Cincinnati office of the Employee Benefits Security  Administration (EBSA), the Department of Labor has obtained a consent order and judgment requiring the fiduciaries of Fremont, Ohio-based Techniform Industries Inc. 401(k) Plan to restore $23,716 to the plan and pay a penalty of $4,743 for violations of the... Read More

IRS Rev. Proc. 2019-20: Expanded Availability of Determination Letter Applications

May 1, 2019

IRS Rev. Proc. 2019-20 provides for a limited expansion of the determination letter program with respect to individually designed plans. Under this limited expansion, the Internal Revenue Service (IRS) will accept determination letter applications for (i) individually designed statutory hybrid plans during a 12-month period beginning September 1, 2019, and (ii) individual... Read More

IRS Rev. Proc. 2019-19: Updates to Employee Plans Compliance Resolution System

April 19, 2019

IRS Rev. Proc. 2019-19 updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code (the "Code"), but that have not met these requirements for a period of time. This system, the Employee Plans Compliance Resolution System ("... Read More

IRS Chief Counsel Memorandum 201912001: Deduction of Company-Paid Health Insurance Premiums by S-Corp Shareholder-Employee

March 22, 2019

An individual who is a 2-percent shareholder of an S corporation pursuant to the attribution of ownership rules under § 318 is entitled to the deduction under § 162(l) for amounts that are paid by the S corporation under a group health plan for all employees and included in the individual’s gross income, if the individual otherwise meets the requirements of § 162(l).... Read More