PPA Regs Delayed, Guidance Issued


The IRS delayed implementation and provided transitional guidance for proposed regulations under new provisions of the Pension Protection Act of 2006 that relate to funding requirements and benefits of single-employer defined-benefit pension plans. Prop. Treas. Reg. §§ 1.430(f)-1 and 1.430(h)(3)-2, which address maintaining certain funding balances and use of substitute mortality tables, respectively, were originally proposed to apply to plan years beginning on or after Jan. 1, 2008.

In Notice 2008-21, the IRS announced a one-year delay in their effective date. For plan years beginning during 2008, taxpayers should note that they may use mortality tables that are sub­stitutes for the standard tables of IRC § 430(h)(3)(A) only if those tables are approved pursuant to Revenue Pro­cedure 2007-37. The guidance also covers other interim considerations including a transition rule for calculation of benefit limitations under IRC § 436.

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.