Attorney Jeremiah Wood spoke Tuesday (Oct. 17, 2017) to members of the Degray Chapter of the Arkansas Society of CPAs during a half-day educational seminar in Hot Springs. For his part, Jeremiah spoke about employee benefits and gave an update on qualified plans including the Determination Letter Program, Employee Plans Compliance Resolution System (EPCRS) and tax reform.
Part of the presentation focused on the Determination Letter Program and changes that went into effect earlier this month. On Oct. 2, 2017, the IRS drastically changed the Determination Letter Program for individually designed plans.
Changes to the Determine Letter Program include:
- Elimination of 5-Year remedial amendment cycles
- Immediate elimination of off-cycle Determination Letter applications
- Only new plans, terminating plans and plans that meet certain exceptions are allowed to file for a determination letter
Jeremiah practices in the firm’s Employee Benefits and Executive Compensation Practice Group. His practice includes experience in the design, implementation, administration and termination of tax-qualified retirement plans and health and welfare plans. He works for a variety of clients, including Fortune 500 companies, local and regional financial institutions, privately held business organizations, professional corporations, governmental organizations and non-profit organizations.
For more about the Determine Letter Program changes, read our previously published article "IRS Changes in Determination Letter Program Cause Concern Among Employers."
For more information or if you have further questions about this and other employee benefits matters, please contact one of our attorneys. Click here for more about this practice group and a list of attorneys.