Regulatory and Legislative

IRS Announces Applicable Federal Rates for September

The IRS has issued Revenue Ruling 2024-17 which contains the applicable federal rates (AFR) for September 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

Regulatory and Legislative

IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

IRS Releases Interim Guidance on Inadvertent Benefit Overpayments

The Internal Revenue Service recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022.