defined contribution plan

IRS Provides Details on Beneficiary Rules and CRD Repayments

The 2020 tax year version of IRS Publication 590-B reflects the following noteworthy updates pursuant to the passage of the SECURE, CARES, and Consolidated Appropriations Acts.

FuturePlan ERISA Team

Defined Contribution Plan

IRA

IRS Guidance

SECURE Act

Additional Prohibited Transaction Exemption Guidance

The Department of Labor (DOL) has issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption, PTE 2020-02.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Fiduciary Issues

IRA

DOL Releases Cybersecurity Guidance for Plan Sponsors

The DOL’s Employee Benefits Security Administration today released a three-part guidance package on cybersecurity for plan sponsors, plan fiduciaries, service providers, and participants.

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Fiduciary Issues

IRA

Congress Votes to Extend Paycheck Protection Program

A proposal to extend the Paycheck Protection Program (PPP) through the end of May has passed the Senate by a vote of 92-7. 

FuturePlan ERISA Team

Defined Benefit Plan

Defined Contribution Plan

Legislative updates

IRS Announces Extension to File Tax Return

The IRS has announced that tax filing due dates for 2020 tax year federal income tax returns will be automatically extended from April 15, 2021, to May 17, 2021.

FuturePlan ERISA Team

Defined Contribution Plan

HSA

IRA

IRS

IRS Guidance

Deadline Relief for Louisiana Victims of Storms

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Louisiana winter storm victims. 

FuturePlan ERISA Team

Defined Contribution Plan

IRA

IRS Guidance

IRS Provides Updated Draft Withholding Forms

The IRS has made available a third early release 2022 tax year draft Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. 

FuturePlan ERISA Team

Defined Contribution Plan

IRA

IRS Guidance

DOL Proposes Withdrawal of Independent Contractor Rule

The Department of Labor (DOL) Wage and Hour Division has proposed to withdraw the independent contractor rule, which has not yet taken effect. 

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Health and Welfare

DOL Announces Non-Enforcement of ESG and Proxy Rules

The Department of Labor (DOL) has issued a statement that it will not enforce two final rules that were issued late in 2020. 

FuturePlan ERISA Team

Defined Contribution Plan

DOL

Fiduciary Issues

Schedule C Tax Filers to Use Gross Income for PPP Loans

The SBA has issued an interim final rule that would allow business owners who file a Schedule C to use gross income in determining payroll costs for PPP loans. 

FuturePlan ERISA Team

COVID-19

Defined Contribution Plan

IRA

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