Employee Benefit Plans
PCORI Fees Due July 31
The IRS released the Affordable Care Act's (ACA) Patient-Centered Outcomes Research Institute (PCORI) fee for plan years that end on or after October 1, 2023, and before October 1, 2024 (see IRS Notice 2023-70).
Round 2: 90-Day IRS Pre-Examination Compliance Pilot - Retirement Plans
The IRS Employee Plans Division has officially started the second phase of the Pre-Examination Retirement Plan Compliance Program pilot.
New Rules on Part-Time Employee 401(k) Plan Participation Starting January 1, 2024
The IRS issued proposed regulations on long-term, part-time employees' eligibility to participate in 401(k) plans.
New Determination Letter Program for 403(b) Plans
In November 2022, the IRS announced, in Revenue Procedure 2022-40, the expansion of one of their programs for approving retirement plans.
401(k) limit increases to $22,500 for 2023 IRA limit rises to $6,500
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
How to pick a qualified employee benefit plan auditor
ERISA generally requires employee benefit plans with 100 or more participants to have their annual reports audited. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits.
Retroactive Retirement Plans Can Skip First Form 5500
On August 6, 2021, the IRS explained in an announcement (available here) that certain retirement plans adopted after the close of the employer's taxable year will not be required to file a 2020 Form 5500.
Employee benefit plans: Do you need a Form 5500 audit?
Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year.
Are you prepared for IRS Letter 226-J?
If you are an employer with at least 50 employees or 50 full-time equivalents, otherwise known as an applicable large employer (ALE), you've been doing your best to comply with the Affordable Care Act (ACA). But what happens when you receive the dreaded IRS Letter 226-J?