The IRS has provided significant administrative and monetary relief for plans correcting errors involving employee contributions. The changes to the IRS’s Employee Plans Compliance Resolutions System (EPCRS) are set forth in...more
The Internal Revenue Service (IRS) has revised its correction procedures to simplify correction of overpayments in defined benefit plans, make it cheaper to correct plan loan and minimum distribution errors, and provide more...more
The Treasury Department and Internal Revenue Service (“IRS”) have issued Notice 2014-9 (the “Notice”) and related Frequently Asked Questions (“FAQs”) providing much anticipated guidance on the application of the Supreme...more
The U.S. Department of Treasury and the Internal Revenue Service have issued final regulations providing guidance on permitted midyear reductions or suspensions of safe harbor nonelective and safe harbor matching...more
The U.S. Treasury Department and the Internal Revenue Service (IRS) have announced updated guidance permitting carryover of up to $500 of unused health flexible spending account (FSA) balances at the end of a plan year....more
In the wake of the U.S. Supreme Court’s decision in U.S. v. Windsor and supplemental guidance in Revenue Ruling 2013-17, the Internal Revenue Service has issued Notice 2013-61, providing optional special administrative...more