The Department of Labor (DOL) recently changed the way it counts the number of plan participants in employee benefit plans to determine whether a plan is required to have an annual audit. This change will effect Form 5500 documents and instructions, specifically the simplified Form 5500 reporting, for 2023. This new rule is intended to simplify the process for plan sponsors and lower the burden on small plans. Here is everything you need to know:
On April 9, following on the heels of the passage of the CARES Act, the IRS released Notice 2020-23 (the “Notice”) in their ongoing response to the coronavirus (COVID-19) emergency. This notice supplements the extension guidance in Notices 2020-18 and 2020-20, and supersedes prior extension guidance.
Several Bills are pending, each of which has passed the House Ways and Means Committee, and now reside with the Senate. These Bills are: Building on Reemployment Improvements to Deliver Good Employment for Workers Act HR 1759 (BRIDGE for Workers), the Setting Every Community Up for Retirement Enhancement Act J.R. 1994 (SECURE), and the Taxpayer First Act HR 1957.
On Nov. 28, 2018, in a piece of unexpected and good news, the IRS published Notice 2018-94. This notice extends the due date for providing Forms 1095-B and 1095-C to individuals and employees and extends the good faith effort relief from penalties for mistakes on Forms 1094-B, 1095-B, 1094-C and 1095-C.
