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

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

IRS Notice 2018-91: 2018 Required Amendments List for Qualified Retirement Plans

November 21, 2018

IRS Notice 2018-91 contains the Required Amendments List for 2018 (2018 RA List). Section 5 of Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides that, in the case of an individually designed plan, the remedial amendment period for a disqualifying provision arising as a result of a change in qualification requirements generally is extended to the end of the second calendar y... Read More