The Internal Revenue Service (IRS) and Department of Treasury released their 2018-2019 Priority Guidance Plan. The plan contains 239 guidance projects that are priorities for allocation of department resources for July 2018 through June 2019. The plan lists a variety of projects to be worked on actively throughout the plan year and does not place any deadline on project completion.
Forty-five items are listed as priorities for retirement plans, including:
- Regulations updating the rules applicable to ESOPs.
- Section 401(a) to governmental plans.
- Regulations regarding Qualified Nonelective Contributions (QNECs) and Qualified Matching Contributions (QMACs).
- Guidance on missing participants.
Sixteen items are listed under Executive Compensation, Health Care and Other Benefits, and Employment Taxes. A few of the items marked for priority are:
- Ruling under §419A on the definition of post-retirement medical benefits.
- Regulations amending §1.419A-2T relating to collectively-bargained welfare benefit funds.
- Regulations under §457(f) on ineligible plans.
- Regulations under §4980I on the excise tax on high cost employer-provided coverage.
(Posted November 7, 2018)