Rates for Alaska, Hawaii, U.S. Modified is used where the substance of a previously published position is being changed. Pursuant to section 9.05(1), beginning on the first day of that plan year, Employer Xs plan is treated as an individually designed plan. 2016-37 sets forth a system of recurring remedial amendment cycles for qualified pre-approved plans, and sets forth plan amendment deadlines for interim and discretionary amendments made to these plans. (8) amendments with respect to which a closing agreement under the Audit Closing Agreement Program or a compliance statement under the Voluntary Correction Program of EPCRS has been issued (see section 6.05(2)(b) of Rev. (See the Form 5305 series, which provides model IRA documents that have been pre-approved by the IRS and for which an opinion letter is not needed. Share sensitive information only on official, secure websites. (b) Optional provisions A Flexible Plan may include optional provisions that comply with the requirements set forth in this paragraph. Proc. If it is determined that the changes are not minor, the plan submitted under section 11.03(2)(c) will not be entitled to expedited review and will otherwise be treated as a non-Mass Submitter plan. b. .16 Section 11.03 of Rev. 2015-22, 2015-11 I.R.B. If the Mass Submitter submits a plan with Minor Modifications, it must comply with the requirements of section 11.03(2). See also sections 4.21, 8.03(6), 9.01, 10.10 and 19.01 of this revenue procedure for other circumstances under which an Opinion Letter may be revoked. Proc. Rev. .07 No Form 5307 Determination Letter for Pre-approved Plans Treated as Individually Designed If a plan is treated as individually designed as provided in section 9.05 of this revenue procedure, the employer may not file for a determination letter using a Form 5307 (as updated). In that case, the plan number given to the basic plan document must remain the same as in the prior submission. 2017-41, 2017-29 I.R.B. or 4.d. .17 Identifying category of Eligible Employer and plan The adoption agreement or single plan document of every 403(b) Pre-approved Plan must satisfy the following requirements: (1) Although a single adoption agreement may be made available to different categories of Eligible Employers, the adoption agreement must require the Adopting Employer to show its status as an Eligible Employer by indicating whether the Adopting Employer is: (a) a government-sponsored educational organization described in 170(b)(1)(A)(ii) (a public school); (b) a tax-exempt organization described in 501(c)(3) that is exempt from tax under 501(a); (c) an employer of a minister described in 414(e)(5)(A); or. Investment provisions are those provisions that describe the plans methods of investing assets, including provisions such as the availability of loans and self-directed investments. For purposes of the high-low substantiation method, the per diem rates in lieu of the rates described in Notice 2020-71 (the per diem substantiation method) are $296 for travel to any high-cost locality and $202 for travel to any other locality within CONUS. 2017-41 for administrative procedures for seeking an opinion letter for 401, 403(a), or 4975(e)(7) plans). 2020-49, 2020-48 I.R.B. New Mileage Rate for 2022 Share This Print The new rate for business miles driven for travel taking place on or after July 1, 2022, is $0.625 per mile , an increase from $0.585 in January 2022. of products and services. governments, Business valuation & Some things to keep in mind include:The per diem amount you receive is intended to cover the lodging, meals, and incidentals expenses.You cannot use per diem rates to claim a deduction for your meal expenses.The per diem amount is not intended to cover the full cost of your travel-related expenses. If you are traveling for personal reasons, you cannot claim a per diem.More items Proc. Per-diems are fixed amounts to be used for lodging, meals, and incidental expenses when traveling on official business. In this case, the previously published ruling is first modified and then, as modified, is superseded. Proc. In this case, the Adopting Employer will lose reliance on the Opinion Letter as of the effective date of the amendment but the plan will remain eligible for the Cycle system (provided that the Adopting Employer adopts timely interim amendments) until the end of the Cycle that includes the effective date. .17 Non-qualified Church-Controlled Organization or Non-QCCO A Non-qualified Church-Controlled Organization or Non-QCCO is a church-controlled tax-exempt organization described in 501(c)(3) that is not a QCCO. The Service incorporates these no-rule areas annually into the third revenue procedure of the year, currently Rev. Rul. For purposes of this definition, affiliation is determined under 414(b) and (c). 2013-22 for issuing an Opinion Letter regarding the satisfaction of the form of a 403(b) Pre-approved Plan with respect to the 403(b) Requirements. The two types of 403(b) Pre-approved Plans are Standardized Plans and Nonstandardized Plans. The IRS will not issue an Opinion Letter with respect to amendments made between applicable On-Cycle Submission Periods, and a Mass Submitter should not submit an application for an Opinion Letter with respect to plan amendments. To be considered timely, section 13.03 of Rev. (Compare with modified, below). Proc. However, if you deliver goods outside the continental U.S., this rate increases to $71per day. Find the answers to all your clients' questions about Social Security and Medicare in this essential Quickfinder handbook by Thomson Reuters Checkpoint. The IRS will make the final determination in all cases as to whether a new plan or an amendment to an existing plan was adopted with the good faith intention of complying with the 403(b) Requirements. 2016-37 and Rev. c. The following locality has been removed from the list of high-cost localities: Gulf Breeze, Florida. This notice also modifies Notice 2020-71, 2020-40 I.R.B. The preceding sentence applies to an Eligible Employer that adopts a 403(b) Pre-approved Plan that amends or restates a plan maintained by the Eligible Employer, as long as the form of the plan that is being amended or restated satisfies the 403(b) Requirements at the time of the adoption of the 403(b) Pre-approved Plan. Thus, the term is used to republish under the 1986 Code and regulations the same position published under the 1939 Code and regulations. Also included in this part are Bank Secrecy Act Administrative Rulings. This revenue procedure announces that the Service will not issue letter rulings on whether certain transactions are self-dealing within the meaning of section 4941(d) of the Code. Revocation may be effected by a notice to the Provider to which the Opinion Letter was originally issued. The location is presumed convenient for residents of the approving governmental unit if the public hearing is located in the approving governmental units capital or seat of government. 786, to change the portion of the year Sedona, Arizona is a high-cost locality under section 5 of Notice 2020-71. 2020-21 and modifies and supersedes Rev. (d) in the case of a provision that is integral to a 403(b) Requirement that has been changed, the date the plan is first operated in accordance with the provision, as amended. If the answer to 14 is no, enter the number of the basic plan document or Single Document Plan for which the requirement described in 14 is met: Applicants signature under penalties of perjury (required if 4.a. 8 For an individually designed plan, the Remedial Amendment Period for a Form Defect related to a change in 403(b) Requirements generally ends on the last day of the second calendar year that begins after the issuance of the Required Amendments List in which the change in 403(b) Requirements appears. .04 This revenue procedure extends the plan amendment deadline for making interim amendments with respect to a change in 403(b) Requirements, for most plans, until the end of the second calendar year following the calendar year in which the change in 403(b) Requirements is effective with respect to the plan. .09 Adopting Employer modification to satisfy 415 Each 403(b) Pre-approved Plan must provide that plan provisions may be amended by the Adopting Employer to the extent necessary to satisfy 415 because of the required aggregation of multiple plans under that section. Pursuant to section 5.07, every 403(b) Pre-approved Plan must provide for an appendix to identify the parties responsible for the various administrative functions under the plan. Rev. The Internal Revenue Bulletin is the authoritative instrument of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest. See Rev. .03 Timing of issuance of Opinion Letters The IRS intends to issue Opinion Letters for a Cycle to Mass Submitters and Providers at approximately the same time within the Cycle for all applications submitted during the Cycles On-Cycle Submission Period (other than an application for a plan that is a Minor Modification of a Mass Submitter plan). For a Governmental Plan, Related Employers means all employers that are aggregated with the Adopting Employer in a manner consistent with Notice 89-23, 1989-1 C.B. 2019-48 (or successor). and accounting software suite that offers real-time 2021-37. Providers that adopt the Flexible Plan may include or delete any optional provision that is designated as an optional provision in the Mass Submitters plan, provided the inclusion or deletion of specific optional provisions conforms to the Mass Submitters written representation to the IRS concerning the choices available to Providers and the coordination of optional provisions. Proc. See Rev. Section 10.02 and 10.03 of Rev. The IRS anticipates providing updated sample plan language (Listing of Required Modifications or LRMs) before the On-Cycle Submission Period with respect to a Cycle begins. Proc. This revenue procedure applies to all ruling requests pending in or received by the Service on or after September 3, 2021. Proc. Entering the first letter of the country name will jump to that portion of the listing. .06 IRS discretion The IRS may, in its discretion, decline to issue an Opinion Letter for other types of plans or issues not described in this section. 2019-39, this section provides rules for determining the expiration date of the Remedial Amendment Period for a Form Defect first occurring after the expiration of the Initial Remedial Amendment Period (that is, after June 30, 2020) in a 403(b) Pre-approved Plan. For a 403(b) Pre-approved Plan that is a Governmental Plan, an Opinion Letter does not express an opinion, and may not be relied upon, with respect to whether the plan meets any requirements that apply due to a plans coverage of multiple employers that are not aggregated in a single controlled group in a manner consistent with Notice 89-23. Proc. .03 Employer amendments that will not affect reliance As provided in section 8, an Adopting Employer may continue to rely on an Opinion Letter for a 403(b) Pre-approved Plan if it makes amendments to the plan that are described in paragraphs (1) through (8) of this section 9.03. .03 Rev. When there are changes to 403(b) Requirements that affect the provisions of the written plan document, the adoption of interim amendments generally will be required in accordance with the rules set forth in section 11.04 of Rev. (1) A Provider is any person (including, if applicable, a Mass Submitter) that: (a) has an established place of business in the United States where it is accessible during every business day, and (b) represents to the IRS in its application for an Opinion Letter that it reasonably expects at least 15 Eligible Employers to adopt one of the 403(b) Pre-approved Plans of the Provider. .12 The amendment deadline for an interim amendment to a 403(b) Pre-approved Plan that is not a Governmental Plan is the end of the second calendar year following the calendar year in which the change in 403(b) Requirements is effective. The plan also must state that the nondiscrimination requirements will be applied to any employee other than an employee of a QCCO or Church. 2016-37 sets forth the deadline for the timely adoption of an interim amendment to a qualified pre-approved plan. .02 Nonstandardized Plans An Adopting Employer of a Nonstandardized Plan may rely on the plans Opinion Letter that the form of the Adopting Employers plan satisfies the 403(b) Requirements, provided that the Nonstandardized Plan has a currently valid Opinion Letter, the Adopting Employers plan is identical to the Nonstandardized Plan, and the Adopting Employer has not amended the plan other than by choosing options provided under the plan or by making amendments that are described in section 9.03 relating to employer amendments that will not affect reliance. Proc. WASHINGTON The Internal Revenue Service today issued guidance for business Thomson Reuters/Tax & Accounting. Similarly, a later deadline is provided for a 403(b) Pre-approved Plan that is a Governmental Plan. .04 An Adopting Employer of a Nonstandardized Plan that makes amendments to the plan that are not extensive will lose reliance on the Nonstandardized Plans Opinion Letter, but may obtain reliance that the form of the plan, as amended, satisfies the 403(b) Requirements by requesting a determination letter using Form 5307 (as updated), under procedures similar to the procedures applicable to 401(a) pre-approved plans. 2016-37 in future guidance to reflect guidance issued after the publication of Rev. See section 22 of this revenue procedure regarding the deadline by which interim amendments must be adopted. The list of high-cost localities in this notice differs from the list of high-cost localities in section 5 of Notice 2020-71. a. (Also see 1.415(c)-1(d) and 1.415(f)-1(f) for special rules applicable to 403(b) plans.) 4 The written plan document requirement applies to a 403(b) plan maintained by a Church or a Qualified Church-Controlled Organization only if the plan is a Retirement Income Account plan under 403(b)(9). 2016-37 to extend the deadline for adopting an interim amendment for a 401(a) pre-approved plan to match the deadline for adopting an interim amendment for a 403(b) pre-approved plan, which is set forth in Rev. (4) the absence from a plan of a provision required by a change to the 403(b) Requirements (either by statute, or in regulations or other guidance published in the Internal Revenue Bulletin) or integral to the change. If the form is not available when the application is being submitted, the Provider may use Appendix A of this revenue procedure in lieu of the application form. Proc. .13 Section 5 of Rev. Integrated software A plan will not fail to satisfy the requirements of this section 5.18(2) with respect to contributions other than elective deferrals merely because the plan provides, either as the result of an elective provision or by default in the absence of an election to the contrary, that individuals who become employees, within the meaning of section 5.13, as a result of a transaction described in 410(b)(6)(C) are excluded from eligibility to participate in the plan during the period beginning on the date of the transaction and ending on a date that is not later than the earlier of the last day of the first plan year beginning after the date of the transaction or the date of a significant change in the plan or in the coverage of the plan. 136, as modified by Rev. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without requiring that employees prove the actual amount they spent. The estimated total annual reporting and/or recordkeeping burden is 29,149 hours. In addition, if an employer adds language to a 403(b) Pre-approved Plan to satisfy the requirements of 415 due to the required aggregation of plans, the employer may obtain reliance with regard to 415 by applying for a determination letter on Form 5307 (as updated). 2017-18 further provides that a plan that does not satisfy the 403(b) Requirements in form on any day during the Initial Remedial Amendment Period will be considered to have satisfied those requirements if, on or before March 31, 2020, all provisions of the plan that are necessary to satisfy 403(b) have been adopted and made effective in form and operation from the beginning of the Initial Remedial Amendment Period.6. The application form (or Appendix A) must be typed. EMPLOYER RELIANCE ON OPINION LETTER, SECTION 10. Generally, a space should be provided in the plan with instructions for the Adopting Employer to add language as necessary to satisfy 415. 948, and Rev. Proc. An Eligible Employer that adopts a Standardized Plan as an amendment to a plan other than a Standardized Plan may not rely on the Opinion Letter for the Standardized Plan with respect to whether a benefit, right, or feature that is prospectively eliminated satisfies the current availability requirements of 1.401(a)(4)-4, if applicable. .04 The IRS issued Cycle 1 opinion and advisory letters for 403(b) Pre-approved Plans beginning in March 2017. See Section 2.01 of Rev. Under the high-low method, the per diem rate for all The application must include a copy of the plan document and any adoption agreement, if applicable. 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