Hardship Distributions May Be Permitted for Vermont Severe Storm
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2023, for severe storm and flooding in Vermont.
IRS Provides Indexing for Employer Shared Responsibility Payments
The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments.
IRS Intends to Issue Guidance on Certain NFTs as Collectibles
The IRS has issued Notice 2023-27, announcing their intent to issue guidance related to the treatment of certain nonfungible tokens (NFTs) as collectibles under Internal Revenue Code Section (IRC Sec.) 408(m).
Deadline Relief for California Severe Storms
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, and landslides in California.
IRS Announces Applicable Federal Rates for April 2023
The IRS has issued Revenue Ruling 2023-06, which contains the applicable federal rates (AFR) for April 2023.
Hardship Distributions May Be Permitted for South Dakota Severe Storms
FEMA issued a disaster declaration on February 27, 2023, for severe winter storms and snowstorms in South Dakota.
Proposed Rule on Use of Forfeitures in Qualified Plans Released
The IRS has released a proposed rule intending to clarify the use and timing of the allocation of forfeitures in qualified retirement plans.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2023-19, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Additional Final Form 5500 Guidance Issued
The revisions are effective for plan years beginning on or after January 1, 2023.
IRS Finalizes Electronic Filing Requirements for Certain Information Returns
The IRS has released final regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019.
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