Priority Guidance Plan 2005-2006
Rev. 09/01/05, E-mail Alert 2005-17

What's on the drawing board at the IRS? The Service has big plans for the upcoming year.

IRS Priority Plan for Guidance

• Guidance on the tax treatment of distributions from Roth Retirement Plans.
  
• Final Regulations on compliance with in-service withdrawal distributions from pension plans in connection with phased retirement arrangements.
  
• Final Regulations on transmission of notices to participants through electronic means.
  
• Revenue Procedure amending and updating the EPCRS program.
  
• Guidance on benefits not permitted in a defined benefit plan.
  
• Guidance on abusive arrangements under Code Section 401(a)(4).
  
• Revenue Procedure implementing the staggered remedial amendment procedures for determination letters. Just issued.
  
• Final Regulations setting forth the definition and requirements for a designated Roth contribution to a Section 401(k) Plan.
  
• Final Regulations under Section 402 on the valuation of life insurance distributed from qualified plans. Just issued.
  
• Comprehensive Final Regulations under Section 403(b).
  
• Guidance under Section 408A on annuity valuation issues in conversions from regular to Roth IRAs.
  
• Guidance on consistency between tax benefit to employer and allocations to participants in employee stock ownership plans (ESOPs).
  
• Final Regulations under Section 409(p) with respect to synthetic equity and additional issues relating to S Corp ESOPs.
  
• Guidance under Section 411 regarding accrual and vesting of benefits provided under qualified plans.
  
• Regulations under Section 411(d)(6) relating to the elimination of optional forms of benefits in defined benefit plans. Just issued.
  
• Update of the Regulations on the definition of “highly compensated employee” under Code Section 414(q) to reflect statutory changes since the existing regulations were issued.
  
• Comprehensive Final Regulations regarding the limits on benefits and contributions under Code Section 415.
  
• Final Regulations under Code Section 417 on the relative value of optional forms of benefit.
  
• Guidance on determining the “amount involved” for purposes of calculating the applicable excise tax under Code Section 4975 for failure to remit employee contributions in a timely manner.