News

Representatives Darin LaHood (R-IL), and Linda Sanchez (D-CA) have introduced H.R. 6757 to permit rollover contributions from Roth IRAs to designated Roth accounts in a 401(a), 403(a), 403(b) or 457(b) arrangement.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 23, 2023, for Utah flooding, for the incident period of May 1 – May 27, 2023.

The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee storms and tornadoes. The tax relief postpones various tax filing deadlines that began on December 9, 2023.

The IRS has released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.

The IRS has issued Notice 2024-3, which contains the 2023 cumulative list of changes in requirements that must be taken into account by drafters of pre-approved defined contribution retirement plan documents for the fourth remedial amendment cycle (Cycle 4).

The IRS has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.

The IRS has issued Revenue Ruling 2024-1, containing the covered compensation tables for the 2024 plan year. These tables are used in calculations for defined benefit pension plans when permitted disparity, sometimes called integration, is used in determining employer-provided benefits.

The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 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."

The Internal Revenue Service (IRS) has issued Notice 2024-04, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. 

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 13, 2023, for Tennessee severe storms and tornadoes, for the incident period of December 9, 2023.