Tax Alerts

Changes to 2023 Forms 5500 Issued

The Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) issued final forms and instructions revisions for the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500–SF Short Form Annual Return/Report of Small Employee Benefit Plan, for plan years beginning on or after January 1, 2023.

Changes to Form 5500

The revisions relate to statutory amendments to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code enacted as part of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) for multiple-employer plans and groups of plans. They also include changes intended to (1) improve reporting of certain plan financial information regarding audits and plan expenses; and (2) enhance the reporting of certain tax qualification and other compliance information by retirement plans. There are also some minor changes that further improve defined benefit plan reporting by building on changes made to the forms for plan years beginning on or after January 1, 2022. They also include technical changes that are part of the annual rollover of the Form 5500 and Form 5500-SF forms and instructions. The revisions finalized in this document affect employee pension and welfare benefit plans, plan sponsors, administrators, and service providers to plans subject to annual reporting requirements under ERISA and the Internal Revenue Code.

Changes also include: an additional non-discrimination and coverage test question for the 2023 Form 5500 and Form 5500-SF; not adding trust questions to the 2023 Form 5500 series return; and not adding questions that consider relative costs and benefits of annual reporting on those subjects to the 2023 Form 5500 and Form 5500-SF.

IRS to Issue Automatic Recovery Rebate Credit Payments for 2021 Tax Year (IR-2024-314)

The IRS has announced plans to issue automatic payments to eligible individuals who failed to claim the Recovery Rebate Credit on their […]

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IRS to Issue Automatic Recovery Rebate Credit Payments for 2021 Tax Year (IR-2024-314)

2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)

The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]

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2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)

IRS Introduces New Measures to Combat Tax Scams During 2025 Filing Season (IR-2025-12)

The IRS, in partnership with the Coalition Against Scam and Scheme Threats (CASST), has unveiled new initiatives for the 2025 […]

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IRS Introduces New Measures to Combat Tax Scams During 2025 Filing Season (IR-2025-12)

IRS Reminds Taxpayers of Disaster Deadlines (IR-2025-1)

The IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire […]

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IRS Reminds Taxpayers of Disaster Deadlines (IR-2025-1)

FL - Motor vehicle sales tax rates by state issued

Florida has issued motor vehicle sales tax rates by state as of January 15, 2025. Florida law allows a partial […]

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FL - 2025 governmental leasehold intangible tax valuation factor table released

For purposes of calculating the 2025 intangible personal property tax on governmental leaseholds, the Florida Department of Revenue has issued […]

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FL - 2025 governmental leasehold intangible tax valuation factor table released

Security Summit Urges Updating Digital Security to Prevent Identity Theft, IR-2024-306

The IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against […]

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Security Summit Urges Updating Digital Security to Prevent Identity Theft, IR-2024-306

2024 Required Amendments List Issued, Notice 2024-82

The IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists […]

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2024 Required Amendments List Issued, Notice 2024-82

IRS Reminds Low- and Moderate-Income Taxpayers of Saver’s Credit to Save Retirement Savings in 2025 and Future Years, IR-2024-298

The IRS reminded low- and moderate-income taxpayers to save for retirement now and possibly earn a tax credit in 2025 […]

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IRS Reminds Low- and Moderate-Income Taxpayers of Saver’s Credit to Save Retirement Savings in 2025 and Future Years, IR-2024-298

IRS and Security Summit Partners Warn Against Bad Tax Advice on Social Media, IR-2024-302

The IRS and Security Summit partners issued a consumer alert regarding the increasing risk of misleading tax advice on social media, which […]

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IRS and Security Summit Partners Warn Against Bad Tax Advice on Social Media, IR-2024-302