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IRS Issues Section 436 Sample Amendment, Extends Anti-Cutback Relief
Wednesday, November 30, 2011
fromDaily Tax Report
IRS issues Notice 2011-96 containing a sample plan amendment that defined benefit plan sponsors can adopt to comply with limitations on the accrual and payment of benefits when single-employer defined benefit plans are underfunded. In the notice, IRS also extends the deadline to amend plans to satisfy tax code Section 436 and extends the period during which those amendments are eligible for relief from the anti-cutback provisions of tax code Section 411(d)(6). Final Treasury Department and IRS regulations under Sections 430(d), (f), (g), (h)(2), and (i) and 436 were released in 2009. Section 436 generally is effective for plan years that began on or after Jan. 1, 2008.
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IRS Official: 457(f) Guidance to Be Used to ‘Clean Up’ 409(A) Regulations
IRS Official: 457(f) Guidance to Be Used to ‘Clean Up’ 409(A) Regulations
Thursday, December 01, 2011
fromDaily Tax Report
IRS will use proposed rules for Internal Revenue Code Section 457(f) regulations, dealing with deferred compensation plans available primarily through nonprofit entities and government employers, to correct minor errors in Section 409A, an IRS official says. Stephen B. Tackney, special counsel to the Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities), says the “clean up” of Section 409A would involve technical items that need to be corrected. As an example, Tackney notes that the current Section 409A regulations dealing with the ability to terminate deferred compensation plans that are in bankruptcy includes the incorrect Bankruptcy Code section.
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Copyright © 2011 The Bureau of National Affairs, Inc. All Rights Reserved.
Copyright © 2011 The Bureau of National Affairs, Inc. All Rights Reserved.
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IRS to Host Public Meeting Dec. 8 on Real-Time Tax System
IRS to Host Public Meeting Dec. 8 on Real-Time Tax System |
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