The recently published Green Book contains proposed changes that could result in the limited partner self-employment tax exception coming to an end.
On August 6, 2021, the IRS announced that no 2020 Form 5500 is required for employers who in 2021 retroactively adopt a tax-qualified retirement plan for 2020.
The IRS issued Notice 2021-49 on August 4, 2021, providing long-awaited employee retention credit guidance for employers that have taken or are considering taking the ERC.
The Treasury and IRS are providing a gross receipts safe harbor for employers seeking to claim the Employee Retention Credit (ERC), allowing the exclusion of certain amounts in determining eligibility for the credit.
The current 401(k) plan restatement cycle will close on July 31, 2022; all plan documents need to be not only restated by then, but also certified by the IRS, and adopted by employers.