ERISA News

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes, and flooding in Florida.

The IRS has published a June 2023 draft of instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

The Internal Revenue Service (IRS) recently released a memorandum from the Office of the Chief Counsel addressing claims substantiation for payment or reimbursement of medical and dependent care expenses.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 27, 2023, for severe storms, tornadoes, and flooding in Florida, for the incident period of April 12, 2023 – April 14, 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 27, 2023, for severe winter storms, flooding, landslides, and mudslides in Nevada, for the incident period of March 8, 2023 – March 19, 2023.

A bill introduced by Congressman Bill Huizenga (R-MI), has been passed out of the House Financial Services Committee.

Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.

Representative George Santos (R-NY) has introduced H.R. 2637, to provide for an exception to the 10-percent additional tax on early distributions from qualified retirement plans capped at a withdrawal amount of $10,000 every five years.

Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act.

The Department of Labor (DOL) has issued Field Assistance Bulletin 2023-01 to provide annual funding notice requirements for multiemployer pension plans that received special financial assistance from the Pension Benefit Guarantee Corporation under the American Rescue Plan Act.