Samuel Parks

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Latest Posts › Revenue Procedures

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Individually Designed 403(b) Plans will be Eligible for Determination Letters

Plan sponsors of individually designed 403(b) plans will soon be able to submit determination letter applications to the IRS. (Individually designed plans are plans using custom documents that have not been preapproved...more

11/14/2022 / 403(b) Plans , Benefit Plan Sponsors , Determination Letter , Employee Benefits , IRS , Retirement Plan , Revenue Procedures

Sizeable Increases to 2023 Plan Limits Due to Inflation

The Internal Revenue Service recently issued its annual cost-of-living adjustments (COLAs) for the 2023 tax year for retirement plans as well as health and welfare benefit plans. These COLAs reflect significant...more

11/1/2022 / Consumer Price Index , Contribution Limits , Cost-of-Living Adjustment (COLA) , ESOP , HSA , Inflation Adjustments , IRS , Retirement Plan , Revenue Procedures

Now is a Good Time to Confirm Your S Corporation Status

On October 11, 2022, the IRS published Revenue Procedure 2022-19 providing taxpayers with liberalized procedures for resolving common S corporation issues. Previously, taxpayers would have needed costly IRS letter...more

10/26/2022 / Income Taxes , IRS , Relief Measures , Revenue Procedures , S-Corporation , Shareholders

Disregarding Administrative Tax Guidance Aided the IRS in Two Cases and the Taxpayer in a Third Case

Three courts - the Supreme Court, the Sixth Circuit, and the Tax Court - recently rejected administrative guidance in tax cases because the guidance was either wrong as applied, unnecessary, or inapplicable. The...more

8/3/2022 / Administrative Interpretation , Administrative Procedure , Chevron Deference , Internal Revenue Code (IRC) , IRS , Judicial Review , Revenue Procedures , Statutory Interpretation , Tax Court , U.S. Treasury

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