Get This Announcement Describes Several Important Changes To The Employee Plans

A retroactive plan amendment refers to a change in an employee benefit plan that applies not only to future events but also to those that occurred before the amendment took effect. This allows employers to modify plans based on past events or circumstances.

Revenue Ruling 2023-2 clarifies a critical point: assets transferred into an irrevocable trust during the owner's lifetime and removed from their estate won't qualify for this step-up in basis at the time of their death.

EPCRS is a system of correction programs that can be used to correct plan mistakes that, if left uncorrected, could result in a retirement plan losing its tax-favored benefits. EPCRS includes the Self-Correction Program (SCP), where correction can be made without paying a fee or contacting the IRS.

The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.

Notice CP22A means that the IRS has made changes to your account. Usually, this happens when the IRS receives additional information from you that was not reported on your tax return. The notice will show the changes made to your return. Then, it will note if you are due a refund or owe money based on the updates.

The Internal Revenue Service (IRS) announces a disclosure initiative to encourage taxpayers to disclose their tax treatment of tax shelters and other items for which the imposition of the accuracy-related penalty may be appropriate if there is an underpayment of tax.

The Internal Revenue Bulletin (IRB) is the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.

This change reduced tax credits and created a balance due on your account for the Notice tax year. You can pay in full online at /irs.gov/payment.