More retirement-related regulatory news for plan sponsors, including links to detailed information.
Updated revenue procedures for employee plans and exempt organizations
The Internal Revenue Service (IRS) has published revisions to various revenue procedures for issuing letters, rulings, determination letters, and technical advice on specific issues related to employee benefits.
To download Internal Revenue Bulletin 2018-1, click here.
IRS provides statement on 2018 withholding
In a statement published on its website, the IRS mentioned it was working to develop withholding guidance to implement the tax reform bill signed into law on December 22. The agency anticipates issuing the initial withholding guidance in January. Employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasized that this information will be designed to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time.
To learn more, click here.
Annual inflation-adjusted civil penalties released
The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (Inflation Adjustment Act) requires the U.S. Department of Labor (DOL) to annually adjust its civil money penalty levels for inflation no later than January 15 of each year. The DOL has published a final rule establishing its 2018 annual adjustments.
To read the entire final rule, click here.