EBIA Weekly Newsletter

IRS Releases 2016 Final Forms 1094-C and 1095-C (and Instructions) and Publications 5164 and 5165

   October 6, 2016

2016 Form 1094-C; 2016 Form 1095-C; 2016 Instructions for Forms 1094-C and 1095-C; Publication 5164 (Test Package for Electronic Filers of Affordable Care Act (ACA) Information Returns (AIR) (Processing Year 2017)) (Sept. 2016); Publication 5165 (Guide for Electronically Filing Affordable Care Act (ACA) Information Returns for Software Developers and Transmitters) (Processing Year 2017)) (Sept. 2016) … Read More

IRS Updates EPCRS Revenue Procedure for Changes in Determination Letter Program, VCP User Fees, and Audit Cap Sanctions

   October 6, 2016

Rev. Proc. 2016-51 (Sept. 29, 2016) Available at https://www.irs.gov/pub/irs-drop/rp-16-51.pdf The IRS has issued Revenue Procedure 2016-51, which modifies and replaces Revenue Procedure 2013-12, the current version of the IRS’s Employee Plans Compliance Resolution System (EPCRS) (see our Checkpoint article). EPCRS provides three levels of retirement plan correction programs—a … Read More

IRS Newsletter Discusses Voluntary Correction Program and Hardship Distribution Requirements

   October 6, 2016

IRS Newsletter: Employee Plans News, Issue 2016-10 (Sept. 20, 2016) Available at https://www.irs.gov/retirement-plans/employee-plans-news This issue of the IRS’s periodic newsletter for retirement plan practitioners discusses the IRS’s Voluntary Correction Program (VCP) and the requirements for hardship distributions from 401(k) plans. Here are highlights: Voluntary Correction Program. The newsletter links to a recently updated … Read More