The Washington Report

September 4, 2024

Note to Subscribers

While we do our best to provide timely updates, it is possible that the information shared in the newsletter may change after our publication deadline.

Legislative

 

Congress Reconvenes
Congress returns to the Hill this week after its summer recess.

Retirement

 

IRS Releases Fact Sheet on How Businesses Complete Forms W-2 Under Secure 2.0 Act
On August 29, 2024, the Internal Revenue Service (IRS) released Fact Sheet 2024-29, which reminds businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the amounts they need to report on their Forms W-2. The SECURE 2.0 Act allows for additional features in various employer retirement plans to encourage use of these plans. The provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU and W-2VI) are:

• De minimis financial incentives (Section 113 of the SECURE 2.0 Act);
• Roth Savings Incentive Match Plan for Employees (SIMPLE) and Roth Simplified Employee Pension (SEP) Individual Retirement Arrangements (IRAs) (Section 601 of the SECURE 2.0 Act); and
• Optional treatment of employer nonelective or matching contributions as Roth contributions (Section 604 of the SECURE 2.0 Act).

Please refer to the IRS Fact Sheet for specific details.

IRS Fact Sheet 2024-29 is available here.