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Regulation and Compliance > Federal Regulation > IRS

IRS Whips Out Advice

By staff Writer

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The Internal Revenue Service (IRS) has posted a series of notices and revenue procedures on topics such as Roth conversions, nonqualified deferred compensation plans, and factors to be used in tax calculations.

IRS Notice 2010-84 gives advice about the details of rollovers of 401(k) plan and 403(b) plan assets into Roth accounts in the same plans, or “in-plan Roth rollovers.”

IRS Notice 2010-80 provides advice about correcting failures of a nonqualified deferred comp plan to comply with Section 409A(a) requirements.

IRS Notice 2010-77 postpones a variety of defined benefit plan amendment filing deadlines to the last day of the first plan year that begins on or after Jan. 1, 2011.

IRS Revenue Procedure 2010-49 describes the loss payment patterns and discount factors for the 2010 accident year. These factors will be used for computing discounted unpaid losses under Section 846 of the Internal Revenue Code.

For accident and health lines of business, for example, the discount factor is 98.1478% for taxpayers that do not use the composite method given in IRS Notice 1988-100.

IRS Revenue Procedure 2010-50 describes salvage discount factors for the 2010 accident year. These factors are used to apply Section 832 of the Internal Revenue Code.

- Allison Bell

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