IRS provides guidance for multiemployer retirement plans receiving assistance from the PBGC

Bookkeeping Services in Houston

The Internal Revenue Service provided guidance for multiemployer qualified retirement plans that receive special financial assistance from the Pension Benefit Guaranty Corporation (PBGC) and for participants and beneficiaries in those plans.

Notice 2021-38 provides guidance under provisions of the American Rescue Plan Act of 2021 regarding special financial assistance paid by the PBGC to eligible multiemployer defined benefit pension plans that are financially at risk.

The notice provides direction for multiemployer plans, and specifically addresses three important areas regarding:

• The reinstatement of previously suspended pension benefits, along with make-up payments, as a condition that eligible multiemployer plans must meet if they receive special financial assistance.
• The individual income tax treatment of these make-up payments.
• How a plan that receives special financial assistance must treat the plan's special financial assistance account for purposes of the minimum funding requirements for multiemployer defined benefit plans

PBGC guidance on the application process for special financial assistance can be found at the PBGC website.

Source: IRS

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

Bookkeeping Services in Houston

Certified Public Accountant in Houston, Alfredo Gaxiola CPA in Houston, Certified QuickBooks Proadvisor in Houston, QuickBooks Set Up and Training in Houston, Business Tax Return in Houston, Personal Tax Returns in Houston, Quarterly & Monthly Filings in Houston, Financial Statement Preparation in Houston, Consulting Services in Houston, Payroll Preparation in Houston, Bookkeeping Services in Houston, Bank Financing in Houston, IRS representation in Houston