IRS benefit plan updates

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Overview

The IRS was busy this summer, as it issued several notices and proposed regulations providing guidance on provisions of the Tax Cuts and Jobs Act (TCJA), the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The IRS issued a notice to assist plan sponsors that wish to amend 401(k) safe harbor plans to suspend or eliminate employer contributions; issued a notice for plan sponsors wishing to take advantage of CARES Act qualified plan funding relief; issued model 402(f) rollover notices; issued proposed regulations on rollovers of plan loan offsets; and offered guidance on many SECURE Act provisions.

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Ken Kuykendall

Ken Kuykendall

Tax Managing Partner, PwC US

Shawn Panson

Shawn Panson

Private Company Services Leader, PwC US

Kelley  McLaughlin

Kelley McLaughlin

US Tax Marketing Leader, PwC US

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