Taxes Content

On June 20, 2024, the Internal Revenue Service issued Notice 2024-55, which provides guidance regarding two provisions of the SECURE 2.0 Act—Withdrawals for Certain Emergency Expenses and Penalty-Free Withdrawal from Retirement Plans for Individual in Case of Domestic Abuse. Both...

The US Government Accountability Office last month issued a report entitled "401(k) Retirement Plan Tax Notices: Federal Actions Can Help Participants Understand Their Distribution Options. The GAO Report is required under section 336 of the SECURE 2.0 Act, which requires GAO to...

ICI has drafted the 2024 ICI Spreadsheets for year-end tax reporting, including the Primary Layout (used to populate IRS Form 1099-DIV), the Secondary Layout (used for state tax reporting and other relevant tax-related items), and the NRA Layout (used to populate IRS Form 1042-S)...

Notice 2024-28 invited public comment on recommendations for Treasury's 2024-2025 Priority Guidance Plan. ICI submitted the attached letter largely based on prior recommendations except for an addition regarding the SEC's final Money Market Fund Rule and the requirement for regulated...

ICI submitted the attached letter to Treasury and IRS on May 31, 2024, recommending items for inclusion in the 2024-2025 Priority Guidance Plan.

IRS recently released Fact Sheet 2024-19, which provides guidance (in the form of FAQs) under section 331 of the SECURE 2.0 Act on disaster relief distributions from retirement plans and IRAs, and for retirement plan loans, for individuals impacted by federally declared major...

Notice 2024-28 invites public comment on recommendations for Treasury's 2024-2025 Priority Guidance Plan.

On May 22, 2024, ICI submitted the attached letter the Department of Labor (DOL), the Treasury Department, and the Pension Benefit Guaranty Corporation (PBGC) (collectively, the "Agencies") in response to a joint agency request for information (RFI) issued in January.

ICI is surveying members investing in India regarding their experience either undergoing or considering a reorganization and the India tax implications for their funds.