ARTICLE · 04 NOVEMBER 2020

IRS Issues Guidance On Withholding On Unclaimed Payments From Qualified Plans

Stradley Ronon Stevens & Young

Explore more from Stradley Ronon Stevens & Young

The IRS issued Revenue Ruling 2020-24, which provides that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property...

United StatesTax

Christopher Scarpa

Jacquelyn Gordon

IRS Issues Guidance on Withholding on Unclaimed Payments from Qualified Plans
The IRS issued Revenue Ruling 2020-24, which provides that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property fund and that it must report the payments on Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.).

IRS Issues Guidance on IRA Rollovers
The IRS issued Revenue Procedure 2020-46, which provides that a distribution made to a state unclaimed property fund is a basis for a taxpayer to self-certify eligibility for a waiver of the 60-day rollover requirement for certain eligible retirement plans.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

QSBS, Eh? Canada’s New $15 Million Capital Gains Exemption

United StatesTax

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Latest Tax Updates: Investment Fund Scrutiny, Digital-asset Staking, And IRS-DOJ Authority

United StatesTax

McDermott Will & Schulte

IRS Installment Agreement vs. Offer In Compromise: Understanding Your Options For Resolving Tax Debt

United StatesTax

Eugene Voters Approve 2% Tax On Large Retailers To Fund Clean Energy Programs

United StatesTax

Greenberg Traurig

New York City Issues Guidance On OBBBA Decoupling Adjustments For Business Taxes

United StatesTax

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

Comparative Guide

Tax Disputes

Comparative Guide

Tax

See more popular content from

Tax

IRS Suspends Penalties For Highway Use Of Dyed Diesel Fuel

President Trump's Executive Order 14435 directs the IRS to provide temporary relief from federal tax penalties on dyed diesel fuel used for highway purposes. The relief, retroactive to October 1, 2026, suspends enforcement and recordkeeping requirements while the Treasury Department explores options to eliminate deferred tax obligations entirely.

United StatesTax

Holland & Knight

GENIUS Act Crypto Tax Guide 2025-2026: What US Investors, Businesses, And Taxpayers Need To Know About The New Stablecoin Law, Form 1099-DA, And Digital Asset Regulation

The United States cryptocurrency regulatory landscape has undergone its most dramatic transformation in history. The signing of the GENIUS Act into law on July 18, 2025 — the first comprehensive federal crypto statute ever enacted — marks a before-and-after moment for American digital asset law.

United StatesTax

Rotfleisch & Samulovitch P.C.

The First Round Of Saver’s Match Guidance Is Here

The Treasury Department and IRS have released Notice 2026-48, providing the first comprehensive guidance on SECURE 2.0's new Saver's Match program. This federal matching contribution for low- and moderate-income retirement savers introduces complex implementation challenges, including how to route taxpayer matches directly to retirement plans and IRAs. The Notice addresses eligibility requirements, income limits, contribution types, and delivery mechanisms while requesting public comments on operational app

United StatesTax

Groom Law Group, Chartered

IRS Updates Guidance On The “No Tax On Overtime” Deduction

On August 6, 2026, the IRS released Fact Sheet 2026-13, an expanded set of FAQs on the qualified overtime compensation deduction created by the One, Big Beautiful Bill Act. The update replaces January’s FS-2026-01 and marks the shift from 2025’s transition relief to the full compliance framework now in effect.

United StatesTax

California's Proposed Billionaire Tax: What You Need To Know

California's Proposition 40 would impose a one-time excise tax of up to 5 percent on billionaires' worldwide net worth, measured as of December 31, 2026, but based on residency as of January 1, 2026. The measure faces significant legal challenges and could be nullified by competing ballot initiatives that have also qualified for the November 2026 ballot.

United StatesTax

Holland & Knight

New Jersey Codifies The ABC Test: What The Independent Contractor Regulations Mean For Your Business

Partner Scott H. Novak specializes in tax law, focusing on tax controversy, trusts and estates, planning, and transactional tax matters. His extensive experience encompasses federal, state, foreign, and employment tax issues, handling everything from non-filing cases to complex audits, estate planning, and settlements with tax authorities.

United StatesTax

Scarinci Hollenbeck LLC

California Expands Sales And Use Tax To SaaS And Certain Digital Products Starting 1 January 2027

California is implementing a major tax policy shift that will subject software-as-a-service, remotely accessed software, and digital products to sales and use tax beginning January 1, 2027. The California Department of Tax and Fee Administration has proposed emergency regulations establishing sourcing rules, a $5 million threshold that shifts tax liability from retailers to purchasers, and key exemptions for custom software and certain service-based digital products.

United StatesTax

Washington’s Millionaires’ Tax Heads To November Ballot

Washington voters will decide the future of the state’s new 9.9% tax on annual taxable income above $1 million after a repeal initiative qualified for the November ballot.

United StatesTax

Tax Strategies: Selling Your S Corporation Business

Selling an S corporation involves complex tax and legal considerations that can significantly impact after-tax proceeds. This comprehensive analysis examines stock sales versus asset sales, IRC Section 338(h)(10) elections, F reorganizations, and other transaction structures, revealing how different approaches affect both sellers and buyers through detailed tax modeling and strategic planning insights.

United StatesTax

Increased Federal Estate And Gift Tax Exemption Made Permanent – Planning Considerations For High Net-Worth Individuals

Recent federal legislation has permanently extended the historically high unified exemption amount for federal estate and gift tax purposes. The current exemption of $13.99 million per individual remains in place through December 31, 2025...

United StatesTax

Stites & Harbison PLLC