IRS Guidance

The Federal Emergency Management Agency issued a Major Disaster Declaration on January 15, 2025, for Alaska severe storm and flooding.

The Internal Revenue Service has issued a proposed rule under IRC Sec.162(m) to identify “covered employees” and nondeductible compensation. 

The Internal Revenue Service has issued Notice 2025-13, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

The Internal Revenue Service has released proposed catch-up regulations that apply to certain retirement plans as provided by Sections 109, 117, and 603 of the SECURE 2.0 Act of 2022.

The Internal Revenue Service has released proposed automatic enrollment regulations that apply to certain retirement plans as provided by Sections 101 and 341 of the SECURE 2.0 Act of 2022.

The Internal Revenue Service released Announcement 2025-2, delaying the anticipated applicability date for future final regulations relating to required minimum distributions.

These regulations address a payor’s obligation to withhold income taxes when those payments or distributions are made to payees outside of the United States.

The IRS has issued Revenue Ruling 2025-1, which contains the applicable federal rates (AFR) for January 2025.

Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Read on to learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on December 9, 2024, for West Virginia Post-tropical Storm Helene.