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The second round of revisions to IRS’ Employee Plans Compliance Resolution System in a week focused on failures in automatic enrollment and escalation in defined contribution retirement plans. The procedural changes from the agency also addressed DC plans’ automatic employee contribution features that experience short-term elective-deferral failures. The procedural changes in Revenue Procedure 2015-28 were released […]
In yesterday’s Advisor, we went over basic tax information regarding payroll deductions and Form W-4. Today, we cover the W-2 form as well as basic tax filing information.
IRS on March 27 released a series of changes to its Employee Plans Compliance Resolution System that it said would improve the correction programs. Among the modifications to Revenue Procedure 2013-12 announced are new options for correction methods to recoup participant overpayments and lower compliance fees for participant plan loan errors. The 17-page Rev. Proc. […]
New IRS regulations define the way health insurers will pay fees under Section 9010 of the Affordable Care Act. In the rules, the IRS applies Notice 2014-47 and provides further guidance on how covered entities will pay the fees for 2015 and subsequent fee years. It also tells how covered entities will report and pay on behalf of […]
The Internal Revenue Service (IRS) has published details on the top 10 issues identified during examinations of 401(k) plans. These are the issues that the IRS will be focusing on when conducting an audit.
You’ve heard of the Internal Revenue Service (IRS) auctioning off celebrity property, such as houses, cars, planes, and yachts, to pay off their tax debts. However, circumstances have resulted in the IRS auctioning off a baseball legend’s contractual rights to a 30-year-old deferred compensation contract to pay off his tax liens.
Employer contributions to a Section 125 cafeteria plan can be deducted from the employee’s cost of a health plan for purposes of determining the affordability of coverage, final IRS rules on minimum essential coverage published on Nov. 26 (79 Fed. Reg. 70464) stipulate. In order to be deducted, the café plan benefit must not be […]
Yesterday’s Advisor began the Internal Revenue Service’s top 10 401(k) issues; today we hit the rest, again as featured on Compensation.BLR.com®.
The Internal Revenue Service (IRS) has published details on the top 10 issues identified during examinations of 401(k) plans. These are the issues that the IRS will be focusing on when conducting an audit.