Effective September 21, 2022, the Federal prime interest rate increased from 5.50 percent to 6.25 percent.
The IRS has issued Revenue Ruling 2022-18, which contains the applicable federal rates (AFR) for October 2022.
The PBGC has issued updated interest rate assumptions for benefit payments in terminating single-employer defined benefit (DB) pension plans.
The IRS has posted a draft 2023 Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.
The IRS has issued Notice 2022-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
The IRS has announced the postponement of certain tax-related deadlines for victims of hurricane Fiona in Puerto Rico.
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms in Arizona.
Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.
The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.
The DOL is extending the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to October 11, 2022.