SECURE 2.0 Act significantly changes the tax rules governing qualified retirement plans and individual retirement accounts (IRAs).
Revenue Procedure 2022-40, allows 403(b) retirement plans to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans.
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
The IRS extended the due dates for plan sponsors to incorporate required amendments under the SECURE, CARES, and Miners Acts. Plan sponsors should review these deadlines with their service providers.
The IRS is piloting a pre-examination compliance program for retirement plans, which provides plan sponsors with 90-day window to review plan operations and make corrections prior to examination.
The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel.