IRS Proposes Updates for DB Plan Distributions

The Internal Revenue Service (IRS) has proposed updates to the minimum present value requirements for defined benefit (DB) plan distributions. The proposed regulations would provide guidance about changes made by the Pension Protection Act of 2006 (PPA) and would provide other modifications to these rules as well. They would amend the current final regulations under…

IRS Revamps Fast Track Mediation for Tax Debts

The Internal Revenue Service has created a new Fast Track Mediation program to resolve collection cases and issues more quickly for taxpayers with outstanding tax debts. Revenue Procedure 2016-57, issued by the IRS last week, replaces the IRS’s Fast Track Mediation procedure with a new program, Fast Track Mediation—Collection. The FTMC program provides taxpayers who…