Final Regulations on Calculation of UBTI Issued

The IRS has released final regulations that present guidance on how certain organizations that provide employee benefits must calculate unrelated business taxable income (UBTI) under Code Sec. 512(a).

Background

Organizations that are otherwise exempt from tax under Code Sec. 501(a) are subject to tax on their unrelated business taxable...

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2020 Adjustments for Qualified Retirement Plans

The Internal Revenue Service (IRS) and the Social Security Administration (SSA) have each announced 2020 cost-of-living adjustments. The IRS adjustments increased annual compensation amounts and limits for elective deferrals as well as catch-up contribution limits for age 50+ employees, but other catch-up contribution limits remain...

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DOL and IRS Expands Availability of Multiple Employer Plans

A multiple employer plan (MEP) allows employees of unrelated private-sector employers to participate in a single tax-qualified retirement plan sponsored by an employer group or association or a professional employer organization (PEO).[1] Generally, joining an MEP is an efficient way to reduce the cost of establishing and maintaining a...

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IRS Announces a New Mailing Address for Employee Plans Submissions

The IRS has announced that effective immediately the new mailing address for Employee Plan submissions for determination letters, letter rulings, and IRA opinion letters is:

Internal Revenue Service 7940 Kentucky Drive MS 31A Florence, KY 41042

This new address should be used for all deliveries, including U.S. Postal Service, FedEx and UPS....

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What Plan Sponsors Need To Know About DOL Enforcement & Red Flags

Being selected for a Department of Labor (DOL) audit is not exactly a prize most plan sponsors want or intend to win. Often, plan sponsors think service providers will take the blame when compliance issues arise. But plan sponsors are ultimately responsible for plan administration and operation. Plan sponsors that don’t realize this can suffer...

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