Federal Register - "Hardship Distributions of Elective Contributions, Qualified Matching Contributions, Qualified Nonelective Contributions, and Earnings"

EPA disasters - Knowledge Mosaic RSS 2019-09-23

Summary:

Title: Hardship Distributions of Elective Contributions, Qualified Matching Contributions, Qualified Nonelective Contributions, and Earnings Source: Federal Register Data/Action: Treasury Department (Final Rule) Date: 9/23/2019 Text Preview: ...available only to the extent the loss is attributable to a federally declared disaster (as defined in section 165(i)(5)). Section 826 of the Pension Protection... ...disasters. Several commenters observed that this new safe harbor expense, which is described in the preamble to the proposed regulations as similar to relief provided by the IRS after certain major federally declared disasters, is narrower in certain respects than this past IRS relief and asked for confirmation that the narrowing is intentional. Some commenters also raised the concern that the new safe harbor expense would lead the IRS to discontinue its practice of issuing announcements providing such relief. The effect of the new safe harbor expense differs from the disaster-relief... ...disaster-related expenses and losses of an employee who lived or worked in the disaster area will qualify for the new safe harbor expense, and not, as under the disaster-relief announcements, expenses and losses of the employee's relatives and dependents. The Treasury Department and IRS have concluded that limiting distributions only to those employees directly affected by a disaster is consistent with the purposes underlying the Code's hardship distribution provisions and better aligns with the relief given to affected individuals under section 7508A for similar disasters...

Link:

http://www.lexissecuritiesmosaic.com/net/public/HLog.aspx?frompage=alert&uid=85925&gourl=http%3a%2f%2fwww.lexissecuritiesmosaic.com%2fgateway%2ffedreg%2f2019-20511.pdf

From feeds:

Berkeley Law Library -- Reference & Research Services ยป EPA disasters - Knowledge Mosaic RSS

Tags:

agencies

Date tagged:

09/23/2019, 11:59

Date published:

09/23/2019, 04:00