To answer the question and they continually ask this question. Is this really 100 per day per person. In fact it is actually per person that is affected. Its not an import employee. So if that employee has children, their assumption is also 36,500 per char old grandchild as well. No one will give them an answer from the irs on what that penalty is and how it stacks up. All the big it is a stall from that and we have to get clarification because there are businesses that are out there that do have a problem whether for religious reasons were other reasons. If they miss one, that is a pretty big hit. It is no longer just a fee or a penalty, but that is punitive. 36,500 per person. What i can say from the perspective of my planning is that that is not in my current work plan to address that issue. So that does not necessarily answer your question, and if that is the case, i will take you back. Any guess on a time limit . They have asked for months of clarification. Can we get a time we mi
As the end of 2023 approaches, it's again time for plan sponsors to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements and moving deadlines.
As the end of 2023 approaches, it’s again time for plan sponsors to review their plan documents and plan operations to ensure compliance with increasingly complex qualification.
Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both.
In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both individually-designed qualified.