02/13/2012Obama “Green Book” Budget Proposals Released
 February 13, 2012 – The Obama administration has released its “green book,” a general description of fiscal year 2013 revenue objectives in its proposed budget. The green book is an overview (not detailed) statutory-level language. In addition to many proposals of a general tax and revenue nature, some of the provisions related to retirement, health, and education saving, include the following.   Read More
02/10/2012IRS Issues Updated Publication 560
 February 10, 2012 – The IRS released the 2011 Publication 560, Retirement Plans for Small Business. This publication contains general information on retirement arrangements likely to be of greatest interest to small employers. This includes SIMPLE IRA plans, simplified employee pension (SEP) plans, and qualified retirement plans.   Read More
02/10/2012EBSA Releases Notice and Guide Related to Disclosure Regulations
 February 10, 2012 – Earlier this month the DOL Employee Benefits Security Administration (EBSA) issued final regulations governing disclosure to plan fiduciaries of certain service provider fee arrangements, and delayed the compliance effective date to July 2, 2012. The EBSA has since issued two more items related to the provisions of these regulations.   Read More
02/08/2012Senate Finance Proposal Contains Beneficiary Payout Changes
 February 8, 2012 – The Senate Finance Committee has approved a transportation funding proposal (S. 1813) that would make significant changes to required payouts to nonspouse beneficiaries of IRAs and employer-sponsored retirement plan accounts. Note, however, that this provision is being described as likely to be removed from the bill.   Read More
02/08/2012IRS Updates Publication on Nonresident Alien Withholding
 February 8, 2012 – The IRS issued the 2012 Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. Withholding on retirement savings arrangement distributions to nonresident aliens includes special requirements for either withholding at a 30 percent rate, or withholding at a rate set by treaty between the U.S. and the recipient’s country of residency.   Read More
02/08/2012Ascensus WashingtonPulse Summary of IRS Lifetime Income Guidance
 February 8, 2012 – Ascensus’ Latest News recently described IRS proposed regulations and supplemental guidance on so-called “lifetime income” streams associated with tax-qualified retirement arrangements. As noted then, this guidance is, in part, in response to congressional efforts to promote means of structuring retirement savings in a manner that lasts for a retiree’s lifetime.   Read More
02/07/2012IRS Updates Form for Seeking Electronic Filing Waiver
 February 7, 2012 – The IRS has released a January 2012-dated version of Form 8508, Request for Waiver From Filing Information Returns Electronically. Certain preparers of information returns, such as 1042, 1099, and 5498 series forms, must file electronically if they are filing 250 or more of a given form. Form 8508 is used to seek a waiver of this electronic filing requirement.   Read More
02/07/2012IRS Tax-Related Deadline Relief for Alabama Storm
 February 7, 2012 – The IRS has issued news release AL/TN-2012-06AL postponing deadlines for the completion of certain time-sensitive tax-related acts as a result of damage associated with severe storms and flooding on January 22, 2012, in parts of the state of Alabama.   Read More
02/03/2012IRS Report on 401(k) Compliance Questionnaire
 February 3, 2012 – The IRS has made available an interim report on its 401(k) Compliance Check Questionnaire initiative, under which many employers were contacted and asked to respond to questions about their plans. The IRS Employee Plans group will also be conducting a phone form on this report on March 6, 2012.    Read More
02/03/2012Fee Disclosure, Lifetime Income Guidance
 February 3, 2012 – Yesterday’s Latest News announcements described the Department of Labor/Employee Benefits Security Administration (EBSA) final regulations governing disclosure to plan fiduciaries of certain service provider fee arrangements.  It was noted that the regulations’ effective date for both existing and new arrangements between plans and service providers, was extended from April 1, 2012, to July 1, 2012.   Read More
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