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This article discusses how to adjust the Internal Revenue Code Sec. 415(c) defined contribution dollar limitation for a short limitation year (a period of less than 12 months), resulting from an initial, amended, or terminating plan year.

Under the Tax Cuts and Jobs Act of 2017, fewer taxpayers will be subject to the alternative minimum tax. Accordingly, incentive stock options treated as an adjustment for purposes of the AMT are now more valuable and attractive to employees.

Taxpayers with income from a specified services business who are searching for ways to meet the income threshold for the 20% QBI deduction should consult with their tax advisor or retirement plan consultant to do a cost benefit analysis.

A catch-up contribution is an elective deferral made by a participant age 50+ that exceeds a statutory limit, a plan-imposed limit, or the actual deferral percentage test limit for highly compensated employees. For 2018, the limitation on catch-up contributions are as follows.

This past fall, the IRS issued a field directive to all of its exam agents regarding missing participants, beneficiaries and the required minimum distributions (“RMD”) standards under Internal Revenue Code (“IRC”) section 401(a)(9).

In December 2017 the Pension Benefit Guaranty Corporation issued a final regulation expanding its program to locate missing participants. Employers that are terminating and closing down a defined contribution plan can utilize the program.

The IRS issued a memorandum with new guidelines that consider an acceptable hardship distribution. If the notification is incomplete or inconsistent the agent may ask for source documents from the employer or third-party administrator.

Plan administrators may need to correct errors or instances of noncompliance in order for plans to maintain their tax qualified status. As such, we recommend plan administrators consider the potential issues to prevent these errors.

The IRS released proposed reliance regulations that, if implemented, will make it easier for companies sponsoring 401(k) plans to meet the requirements for nondiscrimination for both employee salary deferral contributions under IRC section 401(k).

EisnerAmper discusses the recent changes affecting employee benefit plans and retirement plan limitations for 2023, including cost-of-living adjustments, defined benefits and defined contributions.

The IRS recently issued additional guidance under IRC section 409A in the form of proposed reliance regulations. The regulations provide largely minor changes and clarifications many of which are helpful under very specific circumstances.

On June 21, 2016, the Internal Revenue Service issued long awaited regulations under section 457(f) of the Internal Revenue Code (“IRC”) covering executive deferred compensation plans of tax exempt and governmental organizations.

Establishing personal goodwill may result in substantial tax savings for taxpayers. Since personal goodwill has been successfully challenged by the IRS, proper planning utilizing a qualified professional well in advance of the sale is imperative.

New Reporting Requirements for Form 5500 and 2009 Annual Reporting with EFAST2. Department of Labor Update Electronic filing of form 5500. EFAST2 Credentials and Process and Prepare for the New Schedule C.

I’m a Fiduciary? The entire employee benefit plan industry is under greater scrutiny than ever before. Therefore, it is imperative that a plan fiduciary understands the obligation and immense accountability that they have to plan participants and beneficiaries.

Deadlines and reporting requirements for Employee Stock Purchase Plans and Incentive Stock Options. Incentive stock options and filing IRS Form 3921. Employee Stock Purchase Plans and filing IRS Form 3922. Employees must be furnished with their copy of Form 3921 or Form 3922.

New 403b Regulations Plan Document Requirements Retirement Plan Audit Strategies. ERISA generally requires audits for plans with 100+ eligible participants at the beginning of a plan year. 403b To-Do List, selecting the auditor and what to expect from the audit process.

Beginning this year, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. Information on exemptions and tax consequences of violations of the IRA rollover rule.

Plan sponsors need to have sufficient records to document that each plan participant was paid the correct benefit under the terms of their retirement plan. Plan sponsors should ensure that their document retention policy reflects the IRS guidelines.

IRS provides Form 3115 Relief for Smaller Taxpayers Under Tangible Property Rules. The IRS announced Rev. Proc. 2015-20 which has an unusually taxpayer-friendly application of its $10M limits. Information for small business and Form 3115.