The Department of the Treasury issued its 2015-2016 Priority Guidance Plan detailing projects that it intends on dedicating resources to in the coming year. There are numerous employee benefits-related items in the plan. Amongst the employee benefits-related highlights are:
- Regulations updating ESOP rules.
- Guidance regarding mid-year changes to safe harbor 401(k) plans.
- Amendments to the Employee Plans Compliance Resolution System (EPCRS) as well as guidance regarding the Voluntary Closing Program for failures not included in EPCRS.
- Regulations regarding the Cadillac Tax.
- Final regulations on income inclusion under Section 409A of the Internal Revenue Code.
Hopefully most of the items on this priority list will come to fruition and the IRS will provide much-needed guidance in certain employee benefits areas.