The Internal Revenue Service (IRS) recently released a new revenue procedure that outlines how sponsors of defined benefit pension plans should request approval to use plan-specific substitute mortality tables for plan years beginning on or after January 1, 2025. The IRS also issued new proposed regulations that would increase penalties for employers that erroneously claimed employment tax credit refunds under the Families First Coronavirus Response Act; the Coronavirus Aid, Relief, and Economic Security Act; and the American Rescue Plan Act of 2021.

Check out this Weekly IRS Roundup here for more information.