Monday, January 31, 2011

Announcement 2011-8

This announcement contains a correction to Revenue Procedure 2011-8, 2011-1 I.R.B. 237, which contains an error in the user fee schedule that applies to a non-mass submitter of a master or prototype (M&P) plan. Rev. Proc. 2011-8 corrected.

Related Links:

Notice 2011-7 - Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates

This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in January 2011; the 24-month average segment rates; the funding transitional segment rates applicable for January 2011; and the minimum present value transitional rates for December 2010.

Related Links:

Monday, January 24, 2011

Rev. Rul. 2011-3 - 2011 covered compensation tables; permitted disparity

The covered compensation tables under section 401 of the Code for the year 2011 are provided for use in determining contributions to defined benefit plans and permitted disparity.

Related Links:

Monday, January 17, 2011

Retirement News for Employers – January 12, 2011 Special Edition

The IRS released Retirement News for Employers – January 12, 2011 Special Edition. It contains the following articles:

  • Qualified Charitable Distributions for 2010 and 2011
  • New Requirements for Tax Return Preparers

Employee Plans News - Issue Number: 2011-1 – January 12, 2011

The IRS released Employee Plans News - Issue Number: 2011-1 – November 26, 2010. It contains the following articles:

  • Qualified Charitable Distributions for 2010 and 2011
  • New Requirements for Tax Return Preparers
  • Exclusive Benefit Rule for Governmental Plans Participating in Group Trusts
  • Upcoming Correction on User Fees

Monday, January 10, 2011

Notice 2011-3 - Funding Relief for Single-Employer Pension Plans under PRA 2010

Special rules relating to funding relief for single-employer pension plans under PRA 2010. This notice provides guidance on the special rules relating to funding relief for single-employer defined benefit pension plans (including multiple employer defined benefit pension plans) under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010).

Related Links:

Notice 2011-2 - Guidance on the Application of Section 162(m)(6)

This notice provides guidance on the application of section 162(m)(6) of the Code. Section 162(m)(6) limits the allowable deduction for remuneration for services provided by individuals to certain health insurance providers. Section 162(m)(6) was enacted as part of the Patient Protection and Affordable Care Act (2010).

Related Links:

Notice 2011-1 - Affordable Care Act Nondiscrimination Provisions Applicable to Insured Group Health Plans

This notice addresses the timing of the application of the Affordable Care Act provisions prohibiting insured group health plans from discriminating in favor of highly compensated individuals. It states that the Treasury Department and the IRS, as well as the Departments of Labor and Health and Human Services, have determined that compliance with these requirements should not be required (and thus, any sanctions for failure to comply do not apply) until after regulations or other administrative guidance of general applicability has been issued. The notice includes a request for public comments.

Related Links:

Rev. Rul. 2011-1

This ruling modifies the rules for group trusts described in Rev. Rul. 81-100, 1981-1 C.B. 326, as clarified and modified by Rev. Rul. 2004-67, 2004-2 C.B. 28. The modifications revise the generally applicable rules for these group trusts and, if certain requirements are met, permit the participation in group trusts of custodial accounts under section 403(b)(7), retirement income accounts under section 403(b)(9), and governmental retiree benefit plans under section 401(a)(24). This ruling also modifies the transition relief provided in Rev. Rul. 2008-40, 2008-2 C.B. 166, relating to plans qualifying under section 1165 of the Puerto Rico Internal Revenue Code (Puerto Rico Code). In addition, this ruling provides related model language that may be used by group trusts to comply with these new provisions. Rev. Ruls. 81-100, 2004-67, and 2008-40 modified.

Related Links:

Monday, January 3, 2011

Rev. Proc. 2011-8 - User fees for employee plans and exempt organizations

Up-to-date guidance for complying with the user fee program of the Service as it pertains to requests for letter rulings, determination letters, etc., on matters under the jurisdiction of the Office of the Division Commissioner, Tax Exempt and Government Entities Division, is provided. Rev. Proc. 2010-8 superseded.

Related Links:

Rev. Proc. 2011-6 - Employee plans determination letters

Revised procedures are provided for issuing determination letters on the qualified status of employee plans under sections 401(a), 403(a), 409, and 4975 of the Code. Rev. Proc. 2010-6 superseded.

Related Links:

Rev. Proc. 2011-5 - Technical advice

Revised procedures are provided for furnishing technical advice to area managers and appeals offices by the Office of the Division Commissioner, Tax Exempt and Government Entities, regarding issues in the employee plans area (including actuarial matters) and in the exempt organizations area. Rev. Proc. 2010-5 superseded.

Related Links:

Rev. Proc. 2011-4 - Rulings and information letters; issuance procedures.

Revised procedures are provided for furnishing ruling letters, information letters, etc., on matters related to sections of the Code currently under the jurisdiction of the Office of the Division Commissioner, Tax Exempt and Government Entities. Rev. Proc. 2010-4 superseded.

Related Links: