Federal and state credits and employer-provided care may help reduce the high cost of child care.
While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.
The IRS issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.
The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.
The separate distribution rule no longer applies.
The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
This filing season, certain employers, as well as providers of minimum essential coverage, will have to meet significant information-reporting requirements.
The IRS issued procedures for employers to use to handle the retroactive application of the increased amount of the 2015 income exclusion for monthly transit benefits.
In response to concerns by employers and insurers about meeting the current due dates for information returns required under the health care law, the IRS delayed the due dates for these returns for the upcoming filing season.
Determining the present value of nonqualified deferred compensation need not consider the employer's financial condition.
Large employers face a strict reporting regime under health care reform.
Because of low inflation this year, many limits remain unchanged, but some are increasing.
The IRS added a requirement that employer-sponsored health plan benefits must include substantial coverage of inpatient hospital and physician services for the plan to count as providing minimum value.
Transition relief continues through 2015 for S corporation 2% shareholder-employees, but stand-alone health reimbursement arrangements and employer payment plans can be subject to penalties.
The IRS issued the inflation-adjusted figures for calendar year 2016 for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
The IRS announced that it would amend its regulations under Sec. 401(a)(9) to provide that qualified defined benefit plans cannot replace any joint and survivor, single life, or other annuity currently being paid, with a lump-sum payment or other accelerated distribution.
The IRS released regulations and a revenue procedure containing guidance for sponsors of multiemployer plans that have insufficient funds to pay benefits, to apply for approval of a suspension of benefits.
The inflation-adjusted amounts include the annual contribution limitation, the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
The existence of Children’s Health Insurance buy-in programs that qualify as minimum essential coverage will not make taxpayers ineligible for the premium tax credit except in periods when they are actually enrolled in the program.