IRS Seeks More Forms 5500 Information
The IRS has published a notice offering the opportunity to comment on proposed changes to the information the agency collects on Form 5500, Form 5500-SF, and Form 5500-EZ.
IRS Issues Multi-Subject SECURE Act Q&A Guidance
The IRS has issued Notice 2020-68, guidance in question-and-answer (Q&A) format on provisions of legislation enacted in December 2019 in the SECURE Act.
IRS Expands Circumstances for Extending Discretionary Amendment Deadlines
The IRS has issued Revenue Procedure 2020-40, which makes a minor modification to Revenue Procedures 2016-37 and 2019-39.
DOL Rule Issued in Response to 2019 Executive Order
The DOL issued a final rule to formalize its policy and requirements for issuing, modifying, withdrawing, and using DOL guidance, and for making guidance available to the public.
Proposed Regulations Issued on Pooled Plan Provider Registration
The EBSA has issued proposed regulations on registration requirements for entities that will function as "pooled plan providers", or PEPs, for retirement plans.
Qualified Plan Loan Offset Rollover Rules Proposed by IRS
The IRS has released a notice of proposed rulemaking that takes into account changes made by the TCJA related to rollover rules for qualified plan loan offset (QPLO) amounts.
New Fees in 2021 for Certain Determination and Letter Ruling Requests
In Announcement 2020-14, the IRS provides advance notice of fee increases for certain determination applications, effective January 4, 2021.
SEC Proposal to Modernize Reports and Disclosures
The SEC has announced a proposal to modify and modernize the disclosure framework of mutual funds and exchange-traded funds that is intended to better serve the needs of retail investors.
IRS Guidance for Some DB Plans, Distribution Notices
The IRS has released two Notices with more guidance for certain provisions under the CARES and SECURE Acts.
House Bill Would Extend, Expand Tax Benefits for CRDs
Rep. Sean Maloney (D-NY) has introduced H.R. 7645, legislation that would extend the time period for taxpayers to withdraw coronavirus-related distributions (CRDs) from retirement savings arrangements and receive the special tax benefits that CRDs provide. Certain withdrawals could be tax-free under the legislation.
CRDs, as defined in the Coronavirus Aid, Relief and Economic Security (CARES) Act, are eligible for the following tax benefits for withdrawn amounts up to $100,000 (currently, only for withdrawals in 2020).
- Three-year taxation on amounts withdrawn
- Exemption from the 10 percent excise tax for early (pre-59½) distributions
- The option to repay such withdrawn amounts within three years
Included in the bill is expected to be a provision that would make CRDs tax-free if the taxpayer qualifies as a first-time home buyer. “Expected,” because neither bill text nor a summary is available at this time. Details of legislative intent are being inferred from the bill’s description at the official congressional web site:
“To extend the time period for making coronavirus-related distributions from retirement plans and to provide an exclusion from gross income of coronavirus-related distributions which are first-time homebuyer distributions.”
H.R. 7645 has been referred to the House Ways and Means Committee.
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