Search Results for citation:"86 FR 1256"

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Search Results: citation:"86 FR 1256"

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  • C1-2020-28653 — Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items
    Type:Rule
    Citation:86 FR 1256
    Reading Time:less than a minute

    In the Federal Register document 86 FR 1256, a correction was made to a previously published rule by the Treasury Department and the Internal Revenue Service. The correction involves the DATES section of the rule initially issued on January 6, 2021, where the date "December 31, 2021" should be corrected to "December 31, 2020". This change ensures the accurate representation of the document's originally intended deadline.

    Simple Explanation

    In a rule by the Treasury Department and IRS, they made a small but important fix to a date, changing "December 31, 2021" to "December 31, 2020", to make sure everything is correct.

  • 2020-28866 — Methods for Computing Withdrawal Liability, Multiemployer Pension Reform Act of 2014
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    Type:Rule
    Citation:86 FR 1256
    Reading Time:about 99 minutes

    The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule that amends regulations concerning the allocation of unfunded vested benefits to employers that withdraw from multiemployer pension plans. This rule, in response to changes made by the Multiemployer Pension Reform Act of 2014, simplifies how employers' withdrawal liabilities are calculated, especially when a pension plan has reduced benefits or adjusted contributions. The changes aim to make it easier for plan sponsors to comply with statutory requirements while reducing administrative burdens. The new rules apply to employer withdrawals that occur in plan years starting on or after February 8, 2021.

    Simple Explanation

    The government body in charge of making sure retirement plans are fair has made new rules to help businesses understand how much they owe when they leave a big group retirement plan. These new rules make it easier for companies to figure out their payments, especially if the plan has changed how it pays out money or how much money it takes in.