Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-65 – Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates This notice contains updates for interest rates for funding requirements under sections 412(b)(5)(B) and 430(h)(2) of the Code applicable for July 2008, and updates for interest rates for minimum present value determinations under 417(e)(3) of the Code for June 2008. Related Links:
Showing posts with label IRS Notice. Show all posts
Showing posts with label IRS Notice. Show all posts
Sunday, July 27, 2008
IRS Notice 2008-65 – Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Monday, June 30, 2008
IRS Notice 2008-53 – Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-53 – Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates This notice contains updates for interest rates for funding requirements under sections 412(b)(5)(B) and 430(h)(2) of the Code applicable for June 2008, and updates for interest rates for minimum present value determinations under 417(e)(3) of the Code for May 2008. Related Links:
Tuesday, May 27, 2008
IRS Notice 2008-50 – Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-50 – Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates This notice contains updates for interest rates for funding requirements under sections 412(b)(5)(B) and 430(h)(2) of the Code applicable for May 2008, and updates for interest rates for minimum present value determinations under 417(e)(3) of the Code for April 2008. Related Links:
Friday, May 2, 2008
IRS Notice 2008-47 – Public Comment Invited on Recommendations for 2008-2009 Guidance Priority List
Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-47 – Public Comment Invited on Recommendations for 2008-2009 Guidance Priority List The Department of Treasury and the Service invite public comments on recommendations for items that should be included on the 2008–2009 Guidance Priority List. Taxpayers may submit recommendations for guidance at any time during the year. Recommendations submitted by May 31, 2008, will be reviewed for possible inclusion on the original 2008–2009 Guidance Priority List. Recommendations received after May 31, 2008, will be reviewed for inclusion in the next periodic update. Treasury, IRS Solicit Recommendation for 2008-2009 Guidance Priority List IR-2008-62, April 18, 2008 WASHINGTON — The Department of Treasury and Internal Revenue Service invite public comment on recommendations for items that should be included on the 2008-2009 Guidance Priority List. The Treasury Department's Office of Tax Policy and IRS use the Guidance Priority List each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The Guidance Priority List focuses resources on guidance items that are most important to taxpayers and tax administration. Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the tax law. The 2008-2009 Guidance Priority List will establish the guidance that the Treasury Department and IRS intend to issue from July 1, 2008, through June 30, 2009. In reviewing recommendations and selecting projects for inclusion on the 2008-2009 Guidance Priority List, the Treasury Department and the IRS will consider the following: Please submit recommendations by May 31, 2008, for possible inclusion on the original 2008-2009 Guidance Priority List. Information on how to submit recommendations can be found in Notice 2008-47. Taxpayers are not required to submit recommendations for guidance in any particular format. Taxpayers should, however, briefly describe the recommended guidance and explain the need for the guidance. In addition, taxpayers may include an analysis of how the issue should be resolved. All comments will be available for public inspection and copying in their entirety. Related Links:
IRS Notice 2008-46 – Supplemental Guidance Under the Preparer Penalty Provisions of the Small Business and Work Opportunity Tax Act of 2007
Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-46 – Supplemental Guidance Under the Preparer Penalty Provisions of the Small Business and Work Opportunity Tax Act of 2007 This notice provides guidance regarding implementation of the tax return preparer penalty provisions under section 6694 of the Code. Notice 2008–13 supplemented. Related Links:
Monday, April 28, 2008
IRS Notice 2008-45 - Update for Weighted Interest Rates, Yield Curves, and Segment Rates
Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-45 - Update for Weighted Interest Rates, Yield Curves, and Segment Rates 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 April 2008; the 24-month average segment rates; the funding transitional segment rates applicable for April 2008; and the minimum present value transitional rates for March 2008. Related Links:
Thursday, March 20, 2008
IRS Notice 2008-37 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-37 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates 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 March 2008; the 24-month average segment rates; the funding transitional segment rates applicable for March 2008; and the minimum present value transitional rates for February 2008. Related Links:
Thursday, March 6, 2008
IRS Notice 2008-30 - Miscellaneous Pension Protection Act Changes
Part III. --- Administrative, Procedural and Miscellaneous IRS Notice 2008-30 - Miscellaneous Pension Protection Act Changes Distributions; various issues; Pension Protection Act of 2006 (PPA ’06). This notice provides guidance in the form of questions and answers with respect to certain provisions IRS Notice 2008-30 is being issued in question and answer format, addresses various issues related to distributions where the provisions first become effective in 2008 pursuant to the Pension Protection Act of 2006. Notice 2008-30 also addresses the issue of gap-period earnings and the plan amendment process. I. PURPOSE AND BACKGROUND Related Links:
contained in PPA ’06 that are effective in 2008 and are primarily related to distributions described in sections 302, 824, and 1004 of PPA ’06.
II. SECTION 824 OF PPA ’06
Q-1. Can distributions from a qualified plan described in § 401(a) be rolled over to a Roth IRA?
Q-2. Can distributions from other types of retirement plans be rolled over to a Roth IRA?
Q-3. Does the additional tax under § 72(t) apply to a qualified rollover contribution from an eligible retirement plan other than a Roth IRA?
Q-4. Under § 401(a)(31)(A), must a plan permit a distributee of an eligible rollover distribution to elect a direct rollover to a Roth IRA?
Q-5. Is the plan administrator responsible for assuring the distributee is eligible to make a rollover to a Roth IRA?
Q-6. What are the withholding requirements for an eligible rollover distribution that is rolled over to a Roth IRA?
Q-7. Can beneficiaries make qualified rollover contributions to Roth IRAs?
III. SECTION 1004 OF PPA ’06
Q-8. What level of spouse survivor annuity must be provided under a QOSA?
Q-9. If, both before and after the effective date of § 1004 of PPA ’06, a plan that is subject to § 401(a)(11) offers, in addition to the QJSA, an optional joint and spouse survivor annuity that is at least actuarially equivalent to the plan’s single life annuity form of benefit payable at the same time as the optional joint and spouse survivor annuity and that provides a spouse survivor annuity percentage equal to the spouse survivor annuity percentage required to be provided under a QOSA, must the plan be amended or the plan’s administration be changed in order to implement § 1004 of PPA ’06?
Q-10. If a plan that is subject to § 401(a)(11) provides a QJSA that is more valuable than the plan’s single life annuity form of benefit, must the plan’s QOSA be at least actuarially equivalent to the QJSA or need the plan’s QOSA only be at least actuarially equivalent to the plan’s single life annuity form of benefit payable at the same time as the QOSA?
Q-11. If a participant elects to receive a distribution in the form of a QOSA, must the participant’s spouse consent to the participant’s election?
Q-12. How does a plan that is subject to § 401(a)(11) satisfy the requirement in § 417(a)(3)(i), as amended by §1004 of PPA ’06, that the plan provide to a participant a written explanation of the terms and conditions of the QOSA available to the participant?
Q-13. Must a plan that is subject to § 401(a)(11) offer to participants, as an alternative to a qualified preretirement survivor annuity described in § 417(c), a preretirement survivor annuity that is based on a QOSA?
Q-14. How does § 1107 of PPA ’06, which provides certain rules regarding amendments made pursuant to PPA ’06, apply to plan amendments adopted pursuant to § 1004 of PPA?
Q-15. What is the effective date of the changes made to § 417 by § 1004 of PPA ’06?
IV. SECTION 302 OF PPA ’06
Q-16. If, after § 302 of PPA ’06 is effective, a plan is amended, during the period established in § 1107(b)(2)(A) of PPA ’06, to provide that the amount payable under an optional form of benefit that is subject to the minimum present value requirement of § 417(e)(3) is calculated as the more favorable to participants of (i) the amount calculated by using the pre-PPA ’06 applicable mortality table and pre-PPA ’06 applicable interest rate, or (ii) the amount calculated by using the post-PPA ’06 applicable mortality table and post-PPA ’06 applicable interest rate, will the plan fail to satisfy the requirement that the QJSA for a married participant be at least as valuable as any other form of benefit payable under the plan at the same time?
Q-17. If a plan is amended as described in Q&A-16 of this notice, but provides that benefits cease to be calculated by using the pre-PPA ’06 applicable mortality table and pre-PPA ’06 applicable interest rate after a specified period, does relief under § 1107 of PPA ’06, as described in Rev. Rul. 2007-67, apply to the amendment?
Q-18. Does the relief under § 1107 of PPA ’06, as described in Rev. Rul. 2007-67 and this notice, apply to a plan amendment that replaces a plan reference to the pre-PPA ’06 applicable mortality table and/or pre-PPA ’06 applicable interest rate with a reference to the post-PPA ’06 applicable mortality table and/or post-PPA ’06 applicable interest rate, without regard to whether § 302 of PPA ’06 requires such amendment?
V. GAP-PERIOD EARNINGS
Q-19. Is a plan restatement submitted to the Service in Cycle B (February 1, 2007, through January 31, 2008) or Cycle C (February 1, 2008, through January 31, 2009) required to provide for the inclusion of gap-period earnings in the distribution of excess deferrals?
Q-20. Is an interim plan amendment to provide for the inclusion of gap-period earnings in the distribution of excess deferrals required to be adopted by the time described in section 5.05 of Rev. Proc. 2007-44?
Q-21. Are plans required to include gap-period earnings in the distribution of excess deferrals in accordance with the final regulations under § 402(g)?
IRS Notice 2008-29 - Alternative Disability Mortality Tables – Continued Reliance on Revenue Ruling 96-7
Part III. --- Administrative, Procedural and Miscellaneous IRS Notice 2008-29 - Alternative Disability Mortality Tables – Continued Reliance on Revenue Ruling 96-7 Alternative mortality tables; disabled individuals; defined benefit plans. This notice provides which mortality tables are permitted to be used to determine present values with respect to individuals who are entitled to benefits under a qualified defined benefit pension plan on account of disability. IRS Notice 2008-29 provides that pending further guidance, employers who maintain qualified defined benefit pension plans may continue to use the mortality tables in Rev. Rul. 96-7, 1996-1 C.B. 59, to determine present values with respect to individuals who are entitled to benefits as a result of a disability. Related Links:
Friday, February 8, 2008
IRS Notice 2008-24 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Part III --- Administrative, Miscellaneous, and Procedural IRS Notice 2008-24 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates Notice 2008-24 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under § 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the minimum present value segment rates under § 417(e)(3)(D) as in effect for plan years beginning after 2007. Notice 2008-24 will be published in Internal Revenue Bulletin 2008-8, dated Feb. 25, 2008." Related Links:
Saturday, February 2, 2008
IRS Notice 2008-21 – Transition Guidance for New Funding Rules and Funding-Related Benefit Limitations under PPA ‘06
Part III – Administrative, Procedural and Miscellaneous IRS Notice 2008-21 – Transition Guidance for New Funding Rules and Funding-Related Benefit Limitations under PPA '06 "This notice extends the effective date of certain proposed regulations and establishes a 2008 transitional rule for small defined benefit plans with end-of the-year valuations."
The IRS and the Treasury Department announced guidance on PPA Funding Rules:
"Washington, D.C.-- The Treasury Department and the Internal Revenue Service today issued guidance that relates to new pension funding rules that were included in the Pension Protection Act of 2006.
Notice 2008-21 announces that none of the proposed funding regulations will be effective before the first plan year beginning on or after January 1, 2009, although employers may rely on these regulations during 2008. For plan years beginning before January 1, 2009, the notice provides that employers may generally rely on a reasonable interpretation of the funding rules in the statute and may rely on the proposed regulations for this purpose.The notice also provides transitional relief to small plans for purposes of applying
the applicable benefit restrictions for underfunded pension plans for 2008."
Funding; effective date; proposed regulations under sections 430 and 436. This notice alerts taxpayers of a uniform effective date of certain proposed regulations under sections 430 and 436 of the Code. In addition, this notice provides 2008 transitional guidance under section 436 for small plans with end of the plan year valuation dates.
Related Links:
- IRS Notice 2008-21, 2008- I.R.B. - Transition Guidance for New Funding Rules and Funding-Related Benefit Limitations under PPA '06 [HTML]
- IRS Notice 2008-21, 2008-7 I.R.B. 431 - Transition Guidance for New Funding Rules and Funding-Related Benefit Limitations under PPA '06 [PDF]
- IRS Delays Effective Date of Certain Funding Regulations
- PPA Effective Dates
- IRS Updates Proposed Effective Date for Certain PPA Funding Regulations
- IRS Delays Effective Date of Regulations on Funding and Benefit Restrictions for Single-Employer Pension Plans
- IRS Delays Effective Date for New DB Funding Calculations
- IRS, Treasury Issue Single-Employer Plan Funding and Benefit Transitional Guidance (Notice 2008-21; TDNR HP-794
Monday, January 28, 2008
IRS Notice 2008-17 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Part III – Administrative, Procedural, and Miscellaneous IRS Notice 2008-17 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates 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 2008; the 24-month average segment rates; the funding transitional segment rates applicable for January 2008; and the minimum present value transitional rates for December 2007. Related Links:
Saturday, January 26, 2008
IRS Notice 2008-8 - Information Reporting Requirements Under Internal Revenue Code § 6039
Part III – Administrative, Procedural, and Miscellaneous IRS Notice 2008-8 - Information Reporting Requirements Under Internal Revenue Code § 6039 This notice clarifies that the information reporting requirements under section 6039 of the Code apply to certain stock transfers occurring on or after January 1, 2007. Because new regulations under section 6039 have not yet been issued, the IRS is waiving the obligation to make an information return for 2007 stock transfers governed by section 6039. This notice explains, however, that corporations should continue to furnish to employees the information, required by and in accordance with existing section 1.6039–1, with respect to such stock transfers. Related Links:
Wednesday, December 26, 2007
IRS Notice 2007-101 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
Part III --- Administrative, Miscellaneous, and Procedural
IRS Notice 2007-101 - Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
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 December 2007; the 24-month average segment rates; the funding transitional segment rates applicable for December 2007; and the minimum present value transitional rates for November 2007.
Related Links:
IRS Notice 2007-100 - Transition Relief and Guidance on Corrections of Certain Failures of a Nonqualified
Part III – Administrative, Procedural, and Miscellaneous
IRS Notice 2007-100 - Deferred Compensation Plan to Comply with § 409A(a) in Operation
This notice provides transition relief and guidance on the correction of certain failures of a nonqualified deferred compensation plan to comply with section 409A(a) of the Code in operation (an operational failure), including: (1) methods for correcting certain operational failures during a service provider’s taxable year in which the failure occurs to avoid income inclusion under section 409A(a); (2) transition relief limiting the amount includible in income under section 409A(a) for certain operational failures occurring in a service provider’s taxable year beginning before January 1, 2010, that involve only limited amounts; (3) an outline of, and request for comments on, a potential corrections program that would permit service recipients and service providers to limit the amounts required to be included in income under section 409A(a) due to certain operational failures.
Related Links:
- IRS Notice 2007-100, 2007-52 I.R.B. (December 26, 2007) -
Transition Relief and Guidance on Corrections of Certain Failures of a Nonqualified
Deferred Compensation Plan to Comply with § 409A(a) in Operation [HTML] - IRS Notice 2007-100, 2007-52 I.R.B. (December 26, 2007) -
Transition Relief and Guidance on Corrections of Certain Failures of a Nonqualified
Deferred Compensation Plan to Comply with § 409A(a) in Operation [PDF]
IRS Notice 2007-99 - Modification of Q&A-23 of Notice 2007-7
Part III – Administrative, Procedural, and Miscellaneous
IRS Notice 2007-99 - Modification of Q&A-23 of Notice 2007-7
Distributions from governmental plans and health and accident insurance; section 845 of PPA '06. As a result of section 845 of the Pension Protection Act of 2006 and section 9(i)(1)(B) and (C) of S. 1974 and H.R. 3361, the pending Pension Protection Technical Corrections Acts of 2007, Q&A-23 of Notice 2007-7, 2007-5 I.R.B. 395, pertaining to distributions from certain health and accident plans is altered. Notice 2007-7 modified.
Related Links:
Wednesday, December 19, 2007
IRS Notice 2008-7 - Extension of Transitional Relief for Diversification Requirements for Certain Defined Contribution Plans
Part III - Administrative, Procedural and Miscellaneous Extension of Transitional Relief for Diversification Requirements for Certain Defined Contribution Plans IRS Notice 2008-7 - Extension of Transitional Relief for Diversification Requirements for Certain Defined Contribution Plans The IRS announced the following: "Notice 2008-07 provides relief for certain defined contribution plans holding publicly traded employer securities under Notice 2006-107, 2006-51 I.R.B. 1114. The transitional relief provided for the period prior to January 1, 2008, in paragraph 4 of Part III.D of Notice 2006-107 will continue to apply after 2007 until new regulations go into effect. Notice 2008-7 will be published in Internal Revenue Bulletin 2008-3, dated January 22, 2008." Extension of Transitional Relief Related Links: IRS Notice 2008-7, 2008-03 I.R.B. - Extension of Transitional Relief for Diversification Requirements for Certain Defined Contribution Plans [HTML]
IRS Notice 2007-94 - 2007 Cumulative List of Changes in Plan Qualification Requirements
Part III – Administrative, Procedural and Miscellaneous IRS Notice 2007-94 - 2007 Cumulative List of Changes in Plan Qualification Requirements Retirement plans; qualification, list of changes. This notice sets forth a list of changes referred to in Rev. Proc. 2007-44, 2007-28 I.R.B. 54, pertaining to the statutory, regulatory, and guidance changes needed for certain requests to the Service for opinion, advisory, and determination letters for the 12-month period beginning February 1, 2008. Related Links:
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