 Internal Revenue Service IRS tax news, Treasury and IRS expand program for approving certain retirement plans. Apparently, one of the popular new retirement plan options being considered among the progressive elite is known as the Give us your money and then die plan. It's inspired by that popular made program in Canada. Advocates argue they have scientifically proven this retirement plan to entail the lowest overall stress levels. I mean, sure, you have one highly stressful day, but then nothing. Apparently, they're going to call it a 401 kill plan or possibly a 321 you're done plan. I have a feeling they want to make it universal too, but that's just, that's just my thought. In any case, first to joke. I was offered a Snickers bar for Halloween, but had to turn it down because currently due to all the craziness these days, I already Snickers way too much. Bye. Whatever do you mean? I mean, honestly, like, did you see when the White House tried to take credit for an automatic social security cola increase? An increase that kicks in automatically when inflation goes up? Special Agent Utah. This is not some job flipping burgers at the local drive-in. They're by basically bragging about how they made inflation go up? Yes, the surfboard bothers me. Yes, your approach to this whole damn case bothers me. Yes, you bother me! I mean, I mean, honestly, how could anybody not have a Snickers problem these days? I swear. Tell me something. Are you stupid or something? Stupid is, stupid does, sir. It's like the White House trying to take credit for the social security cola increase is like driving a spear through some dude's gut and then trying to take credit for the stomach tissue as it attempts to sew back together. It's like Sun Tzu wrote in the Art of War, never give up, never surrender. It's ridiculous. I was Tim Allen in Galaxy Quest. Whatever, dude. It's like, hey, look, look at the way I got that dude's stomach tissue to try to mend that gaping gut-gash I put in his stomach. I'm genius. That's the most outstanding answer I've ever heard. You must have a gut IQ of 160. Honestly, I'm trying to cut back on both sugar and snickering and reducing the snicker bar consumption contributes to both goals. There's a difference between us. You think the people of this country exist to provide you with position? I think your position exists to provide those people with freedom. IR 2022-196, November 7, 2022, Washington. The Treasury Department and Internal Revenue Service today announced the expansion of one of their programs for approving retirement plans. The IRS will now allow 403B retirement plans, which are used by certain public schools, churches and charities to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans. Revenue procedure 2022-40, there's a link to that here, details this expansion and includes other changes affecting individually designed retirement plans. Highlights to these changes. Revenue procedure 2022-40 contains the following notable additions to 403B retirement plans. Expansion for initial plan determination. Beginning June 1, 2023, 403B retirement plan sponsors may submit determination letter applications for all initial individually designed retirement plans based on the sponsor's employer identification number. For further details, you can see section 12 of revenue procedure 2022-40, there's a link to that here. Terminations. Beginning June 1, 2023, 403B retirement plan sponsors may also request a determination letter upon plan termination on a Form 5310 application for determination of termination plan. I like that name. It's a determination for termination, please form 5310. There's a link to that here or at any time thereafter without regard to their EIN. So then we got the notable changes to procedures for submitting and processing individually designed retirement plans include prior letter issued to a pre-approved plan adopter not treated as an initial plan determination. A determination letter issued to an adopter of a pre-approved retirement plan as a result of filing a Form 5307 application for determination for adopters of modified volume submitter plans. There's a link to that here is no longer considered in determining whether a plan sponsor is eligible to submit that plan for a determination letter for an initial plan determination on a Form 5300 application for determination for employee benefit plan. Scope of review. IRS generally will consider in its review qualification requirements and Section 403 requirements that are in effect or that have been included on a requirement amendments list on or before the last day of the second calendar year, preceding the year in which the determination letter application is submitted subject to any special modifications on the annual employee plans or revenue procedure that provides the administrative and procedural rules for submitting determination letter applications currently revenue procedure 2022-4. These rules will apply to submission of all individually designed retirement plans revenue procedure 2023-4 currently in development will be released in the near future and will contain additional changes to procedural requirements for plan submissions such as phase in mandatory submission of determination letter requests form 5300 and 5300 will also be updated to reflect these changes so I hope you got all that but if you didn't then you can go back in here check it out again and look at these look at all the links that we said there were links to and what not and they'll be a link to this in the description.