Government Affairs
The IRS has issued an update to the 2022-2023 priority guidance plan.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year).
To Be Done
The IRS says in the updated list that the following items that were on the initial priority guidance list remain on the “to do” list:
- Regulations under Internal Revenue Code (IRC) Section 72(t) relating to the 10% additional tax on early distributions.
- Final regulations on the application of the normal retirement age regulations under IRC Section 401(a) to governmental plans. The IRS had issued proposed regulations in January 2016.
- Regulations relating to the timing of the use or allocation of forfeitures in qualified retirement plans.
- Regulations relating to SECURE Act modifications to certain rules governing 401(k) plans.
- Guidance on student loan payments and qualified retirement plans and 403(b) plans.
- Regulations and related guidance on closed defined benefit plans and related matters. The IRS had issued proposed regulations in January 2016.
- Guidance on missing participants, including guidance on uncashed checks.
- Final regulations and related guidance on the exception to the unified plan rule for 413(e) multiple employer plans. Proposed regulations were published on March 28, 2022.
- Regulations on the definition of governmental plan under IRC Section 414(d).
- Regulations on the definition of church plan under IRC Section 414(e).
- Final regulations under IRC Section 417(e) that update the minimum present value requirements for defined benefit plans. The IRS had issued proposed regulations in November 2016.
- Regulations on mortality tables used to determine present value under IRC Section 430 for single-employer defined benefit plans. The IRS had issued proposed regulations on April 28, 2022.
- Guidance updating electronic filing requirements for employee benefit plans to reflect changes made by the Taxpayer First Act.
Plans Accomplished
The IRS says in the update that the following items that were on the initial priority guidance list have been done:
TEGE Programs. The IRS notes that it has published guidance relating to certain IRS, Tax Exempt and Government Entities, Employee Plans programs, including the Pre-approved Plan Program, the Determination Letter Program, and the Employee Plans Compliance Resolution System (EPCRS):
- Notice 2022-33, released on Aug. 3, 2022 and published on Aug. 22, 2022 in Internal Revenue Bulletin 2022-34.
- Notice 2022-45, released on Sept. 26, 2022 and published on Oct. 17, 2022 in Internal Revenue Bulletin 2022-42.
- Revenue Procedure 2022-40, released on Nov. 7, 2022 and published on Nov. 21, 2022 in Internal Revenue Bulletin 2022-47.
Providing Notice. The IRS reports that it issued REG-114666-22 on Dec. 29, 2022, which updated electronic delivery rules and other guidance for providing applicable notices and making participant elections.
IRC Section 401(a)(9). The IRS on Nov. 7, 2022 issued Notice 2022-53, which contains final regulations relating to SECURE Act modifications to Section 401(a)(9)).
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