IRS Provides Transition Relief from Secure 2.0 Roth Catch-Up Contribution Change
The IRS announced a 2-year administrative transition period for the new Roth catch-up requirement. Section 603 of the SECURE 2.0 Act requires certain catch-up contributions to an employer retirement plan to be designated as Roth (after-tax) contributions after December 31, 2023 (IR 2023-155; Notice 2023-62, 2023-37 IRB).
Note: The new catch-up contribution rule applies to employees who participate in an employer or governmental retirement plan and whose prior-year Social Security wages exceeded $145,000.
Click here to read more.
2022 EEO-1 Component 1 Data Collection Begins October 31
The Equal Employment Opportunity Commission (EEOC) has announced the 2022 EEO-1 component data collection will open on October 31, 2023. The EEO-1 online Filer Support Message Center (i.e., filer help desk) will also be available on October 31, 2023, to assist filers with any inquiries they may have regarding the 2022 collection. The deadline to file the 2022 EEO-1 Component 1 report is December 5, 2023.
Click here to read more.
IRS Hits the Pause Button on New ERC Claims Until At Least December 31
Amidst increasing concerns regarding the influx of improper claims for the Employee Retention Credit, the Internal Revenue Service (IRS) has taken immediate action to safeguard honest small business owners from scams.
Because of the prevalence of ERC scams, the IRS has stopped processing new ERC claims. This protective measure will be in effect until at least the end of the year, providing a shield against aggressive promoters and marketing that have been pressuring and scamming businesses. The decision to implement this moratorium follows mounting concerns within the tax agency, as well as reports from tax professionals and the media, indicating that a significant number of new claims from the aging program are ineligible and pose a financial risk to businesses.
Click here to read more.
No Comments Yet
Let us know what you think