IRS

The Internal Revenue Service (IRS) 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 (SECURE 2.0). This interim guidance specifically refers to the application of the plan qualification and rollover distribution rules provided by Internal Revenue Code Sections (IRC Secs.) 414(aa) and 402(c)(12) to the correction methods available for inadvertent benefit overpayments under the Employee Plans Compliance Resolution System (EPCRS) as outlined in Revenue Procedure (Rev. Proc.) 2021-30.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 27, 2024, for Puerto Rico Tropical Storm Ernesto, for the incident period of August 13 – August 16, 2024. 

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 26, 2024, for the following.

The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements. The IRS expects to issue opinion letters by November 29, 2024, or as soon as possible thereafter.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in the Crow Tribe of Montana until February 3, 2025. The tax relief postpones various tax filing deadlines that began on August 6, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on November 14, 2024, for Crow Tribe of Montana severe storm and straight-line winds, for the incident period of August 6, 2024.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on November 13, 2024, for the following.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and flooding in Chaves County, New Mexico until May 1, 2025. The tax relief postpones various tax filing deadlines that began on October 19, 2025.

The Internal Revenue Service has issued Notice 2024-81, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for October used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for November under IRC Sec.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, straight-line winds and flooding in the Cheyenne River Sioux Tribe until February 3, 2025. The tax relief postpones various tax filing deadlines that began on July 13, 2024.