Employee Benefits News examines legal developments that impact the employee benefits and executive compensation employers provide, including federal and state legislation, rules from federal...
Several retirement and benefit rules are among nearly 300 regulations the IRS deems unnecessary and would like to do away with.
The regulations either have no future applicability or interpret tax code provisions that were “significantly revised,” the Internal Revenue Service said in its Feb. 13 proposal. Many regulations related to retirement plans and benefits predate the enactment of the major federal benefits law, the Employee Retirement Income Security Act.
The proposal is a response to two 2017 executive orders. President Donald Trump ordered federal agencies to form task forces to identify existing regulations that are outdated, unnecessary, or ineffective. And he ordered the treasury secretary to review all significant tax regulations issued on or after Jan. 1, 2016, to identify those that pose undue financial burdens on taxpayers, are overly complex, or exceed the statutory authority of the IRS.
One regulation on the chopping block relates to the deductible limit for certain retirement plan contributions that were rendered obsolete after the enactment of ERISA. Other targeted rules specify what information employers needed to provide to claim retirement plan deductions between 1972 and 1976.
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