IRS Guidance

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 30, 2024 for Georgia Hurricane Helene, for the incident period of September 24, 2024 and continuing.

The Federal Emergency Management Agency (FEMA) has issued Major Disaster Declarations on the following dates:

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 26, 2024, for Vermont Severe Storms, Flooding, Landslides, and Mudslides, for the incident period of July 29 – July 31, 2024.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 24, 2024, for the following locations:

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on September 20, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of Tropical Storm Debby in Pennsylvania.

Recent legislation passed by Congress includes several provisions that enhance the ability of workers to increase their retirement savings. One of these provisions, Section 110 of the SECURE 2.0 Act of 2022 (SECURE 2.0), also enhances the ability of employers that sponsor a 401(k), 403(b), governmental 457(b), or a SIMPLE IRA plan to supplement workers’ retirement savings by providing matching contributions to employees who make qualified student loan payments (QSLPs) in 2024 and later plan years.

The IRS has issued Revenue Ruling 2024-21 which contains the applicable federal rates (AFR) for October 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 Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on September 16, 2024, for Louisiana hurricane Francine for the incident period of September 9 – September 12, 2024. 

The IRS has indicated that application steps for pre-approved plan document providers seeking to obtain IRS approval of defined contribution and defined benefit arrangements is changing to incorporate electronic filing requirements. Beginning August 1, 2024, providers must submit Forms 4461 or 4461-B electronically, completing steps to pay for and submit the application on pay.gov. Also, beginning September 1, 2024, providers must submit Forms 4461-A or 4461-C electronically, completing on Pay.gov. Paper submissions after these dates will not be processed.