IRS (www.lrs.gov) California - Victims of the California wildfires that began on August 14 may qualify for tax relief from the Internal Revenue Service. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in certain areas will receive tax relief. .
Bob Carlson, Forbes.com (www.forbes.com) The IRS expanded the number of taxpayers who qualify to tap into their retirement plans using the generous provisions of the CARES Act. The IRS also answered questions about details of distributions and loans under the CARES Act that have been asked by employers, employees and plan administrators.
IRS (www.lrs.gov) The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.
US Department of Labor (www.dol.gov) The U.S. Department of Labor today announced publication of a final rule that expands the ability of private sector employers to communicate retirement plan information online or by email. The rule allows employers to deliver disclosure to plan participants primarily electronically, which will reduce printing, mailing and related plan costs by an extimated $3.2 billion over the next decade..
By Craig P. Hoffman and Kevin E. Nolt (www.truckerhuss.com) Qualified retirement plans are subject to a number of administrative changes, document requirements and other deadlines effective with or during the 2020 calendar/plan year, especially in light of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE).
By NAPA NET STAFF (www.napa-net.org) Below is a table providing descriptions and effective dates for the provisions contained in the Setting Every Community Up for Retirement Enhancement (SECURE) Act, along with additional retirement-based revenue provisions that were incorporated into the Further Consolidated Appropriations Act, 2020 (H.R. 1865).
The Retirement Plan Blog (www.retirementplanblog.com) If you're an employer who has adopted a pre-approved defined benefit pension plan, it's time to amend and restate your plan. All defined benefit plans using pre-approved plan documents must restate their plan before April 30, 2020. It's important that you understand why your plan document must be restated. What follows is a non-technical explanation in Question and Answer format.