IRS Guidance

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on September 14, 2023, for New Hampshire severe storms and flooding, for the incident period of July 9, 2023 – July 17, 2023.

The IRS has issued Revenue Ruling 2023-18, which contains the applicable federal rates (AFR) for October 2023.

The IRS has issued Notice 2023-66, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The IRS has announced the postponement of certain tax-related deadlines for victims of Hurricane Idalia in parts of Georgia.

The IRS has issued Revenue Procedure 2023-31, which addresses requests for undue hardship waiver or administrative exception from the electronic filing requirements for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, and Form 5500-EZ, Annual Return of A One Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on September 7, 2023, for Georgia Hurricane Idalia, for the incident period of August 30, 2023.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on September 5, 2023, for Maine severe storm and flooding, for the incident period of June 29, 2023.

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of Idalia in South Carolina.

The IRS has announced that plan sponsors who timely filed complete Forms 8955-SSA do not need to respond to CP 283-C penalty notices dated prior to September 1, 2023. In an Employee Plans News bulletin, the IRS indicates the CP 283-C was sent to plan sponsors who timely filed their 2022 Forms 8955-SSA due to an IRS system programming issue. 

The IRS has announced the postponement of certain tax-related deadlines for victims of Idalia. The tax relief postpones various tax filing deadlines that began on August 27, 2023. Affected individuals and households who reside or have a business in Alachua, Baker, Bay, Bradford, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hardee, Hernando, Hillsborough, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Nassau, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia and Wakulla counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.