News & Analysis as of

Internal Revenue Service Department of Labor (DOL) Loans

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Venable LLP

Self-Correction Now Available for Delinquent Participant Contributions and Loan Failures

Venable LLP on

The DOL recently updated the Voluntary Fiduciary Correction Program (VFCP). The VFCP encourages employers to voluntarily correct certain violations of ERISA to avoid DOL civil enforcement penalties....more

Dickinson Wright

New Deadlines for Retirement Plans, Tax Filings and Paid Leave Policies

Dickinson Wright on

The Coronavirus Aid, Relief and Economic Security Act (“CARES”), and IRS and Department of Labor (“DOL”) rules establish new and revised deadlines for retirement plans and other benefit programs. The following is an outline...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Relief for Hurricane Victims

Thanks to the damage caused by Hurricane Harvey and Hurricane Irma, the Internal Revenue Service (IRS), Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC) have granted extensions of certain...more

McDermott Will & Schulte

Hurricane Harvey Relief for Employee Benefit Plans

The Internal Revenue Service and the Department of Labor relaxed some deadlines for eligible employee benefit plans and expanded the availability of withdrawals and loans for eligible defined contribution plan participants in...more

Proskauer - Employee Benefits & Executive...

DOL and IRS Issue Guidance for Employee Benefit Plans Impacted by Hurricane Harvey

In the wake of massive floods caused by Hurricane Harvey, the Department of Labor (DOL), Internal Revenue Service (IRS), and Pension Benefit Guaranty Corporation (PBGC) have issued initial employee benefit plan guidance. The...more

Poyner Spruill LLP

Administrative Check-Up on Participant Plan Loans

Poyner Spruill LLP on

The IRS just issued a memo to its auditors approving two different methods for calculating the statutory limitation on available loan amounts when a participant takes a new loan within 12 months of having paid off another...more

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