Taxes Content

On February 20, 2024, ICI submitted the attached comment letter to the Internal Revenue Service (IRS) in response to Notice 2024-2, the long awaited "grab bag" guidance on various issues related to the SECURE 2.0 Act changes to the Internal Revenue Code (the "Code").

[35620] February 16, 2024 TO: ICI Members Pension Committee Pension Operations Advisory Committee SUBJECTS: Pension Tax RE: DOL Updates and Expands Prohibited Transaction Exemption Procedure Regulation The US Department of Labor (DOL) recently updated the procedures (Procedures)...

IRS and DOL each recently issued guidance related to pension-linked emergency savings accounts (PLESAs). PLESAs, which were created by § 127 of the SECURE 2.0 Act, are optional short-term savings accounts for non-highly compensated individuals which are established and maintained as...

On January 19, 2024, the Department of Labor (DOL) released a new request for information (RFI) soliciting public input to develop a record as it reviews the effectiveness of existing reporting and disclosure requirements for retirement plans, as required by the SECURE 2.0 Act. The...

On November 27, 2023, IRS and Treasury published proposed rules for the treatment of long-term part-time employees under 401(k) plans, pursuant to the SECURE Act and the SECURE 2.0 Act.

ICI submitted a comment on IRS Draft Form 7208 (Excise Tax on Repurchase of Corporate Stock) requesting that regulated investment companies (RICs) be exempt from filing the form as Internal Revenue Code section 4501(e)(5) expressly excludes RICs from the excise tax on repurchases of...

On December 20, 2023, the Internal Revenue Service (IRS) issued Notice 2024-02 (the "Notice"), the long awaited "grab bag" guidance, in Q&A format, on various issues related to the SECURE 2.0 Act changes to the Internal Revenue Code (the "Code"). As a reminder, ICI submitted a letter...

Attached for your review is a draft letter with recommendations to address the global regulated fund industry's outstanding tax issues, in priority order for consideration in India's 2024 Union Budget. Below are the specific recommendations, many of which have been raised in prior ICI...

The IRS issued Notice 2024-11, updating the list of US tax treaties (Notice 2011-64) that meet the requirements of section 1(h)(11)(C)(i)(II) for obtaining reduced capital gains rates on some dividend payments.

The Office of Information and Regulatory Affairs recently released its Fall 2023 Unified Agenda of Regulatory and Deregulatory Actions (Agenda), which includes updated Agency Rule Lists from the Department of Labor (DOL) and the Treasury Department and Internal Revenue Service (IRS)