Overview
IRS Announces Changes to Determination Letter Program: In Announcement 2015-19, the IRS described changes to the employee plan determination letter program for qualified retirement plans. Effective January 1, 2017, the IRS will be eliminating the five-year remedial amendment cycle for determination letters. The announcement also stated that, as of today, the IRS will no longer accept determination letter applications that are submitted off-cycle.
Finance Committee Approves Tax Extenders: The Senate Finance Committee voted to approve a modified chairman’s mark that would extend certain expired tax provisions for two years, through December 31, 2016.
IRS Memo Explains Political Activities Referral Committees: A memorandum released today clarifies the composition and operation of the Political Activities Referral Committee (PARC). Each PARC will consist of three randomly selected IT-04 grade-level managers for two-year terms. Two of the three members must agree for an exempt organization to be referred for audit.