IRS Prioritizing SECURE 2.0 Benefit Plan Correction Guidance

The IRS is rushing to issue immediate guidance on the effective date of SECURE 2.0 Act (Pub. L. No. 117-328) provisions expanding the agency’s employee benefit plan self-correction program.

Regulators are prioritizing Employee Plans Compliance Resolution System guidance over a “grab-bag” notice the agency has said it intends to issue clarifying other imminently effective provisions under the new law, IRS officials said Friday at the American Bar Association May Tax Meeting in Washington.

“I think we’ve heard the message that this needs to come out as soon as possible,” said Bill Evans, attorney adviser at the US Treasury ...