Featured Articles
Every year, retirement savers in their 70s are faced with either starting or delaying their required minimum distributions (RMDs): whether it be from an employer-sponsored retirement plan or an individual retirement arrangement (IRA). The required beginning date (RBD) determines how long an account owner can delay taking an RMD. As different RBDs may apply, the topic is notoriously confusing. But we are here to help.
In January 2024, the Internal Revenue Service (IRS) released Notice 2024-22, providing guidance with respect to anti-abuse rules for Pension-Linked Emergency Savings Accounts (PLESAs), a new provision created by the SECURE 2.0 Act of 2022 (SECURE 2.0).
The very nature of IRAs can make them more susceptible to becoming dormant. For example, because IRAs are meant to provide income during retirement, some individuals may keep their IRAs open for years with little to no activity. Other individuals may forget that they have an IRA or may not know that they have one (e.g., IRA beneficiaries or missing plan participants).
Employers with qualified retirement plans cannot disproportionately favor highly compensated employees (HCEs). This basic principle may lead to a misconception that no issues would result from implementing changes that negatively affect only HCEs.
The IRS has issued Revenue Procedure 2024-25, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2025.
Individual Retirement Arrangements
Every year, retirement savers in their 70s are faced with either starting or delaying their required minimum distributions (RMDs): whether it be from an employer-sponsored retirement plan or an individual retirement arrangement (IRA). The required beginning date (RBD) determines how long an account owner can delay taking an RMD. As different RBDs may apply, the topic is notoriously confusing. But we are here to help.
The very nature of IRAs can make them more susceptible to becoming dormant. For example, because IRAs are meant to provide income during retirement, some individuals may keep their IRAs open for years with little to no activity. Other individuals may forget that they have an IRA or may not know that they have one (e.g., IRA beneficiaries or missing plan participants).
The IRS is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.
The IRS has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and IRAs under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.
Health Savings Accounts
The IRS has issued Revenue Procedure 2024-25, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2025.
To assist Ascensus clients during the busy contribution and tax season, the 800 Consulting telephone lines will be open for extended hours.
Some HSA owners may not fully understand what medically-related expenses their HSA is allowed to cover. Although financial organizations are not responsible for determining whether a medical expense is a qualified expense, it is helpful to know some of the basics.
It's a brand-new year filled with fresh reporting deadlines, and perhaps a good time to take note on whether your financial organization is on track to meet these obligations—or to refresh your memory on when specific deadlines occur. First quarter is always a busy reporting season.
Coverdell Education Savings Accounts
To assist Ascensus clients during the busy contribution and tax season, the 800 Consulting telephone lines will be open for extended hours.
It's a brand-new year filled with fresh reporting deadlines, and perhaps a good time to take note on whether your financial organization is on track to meet these obligations—or to refresh your memory on when specific deadlines occur. First quarter is always a busy reporting season.
If it’s been a while since you’ve worked with Coverdell ESAs, here’s a refresher on the rules and your responsibilities when processing ESA distributions.
Here are answers to some of the common Coverdell ESA questions we receive from financial organizations.
Employer-Sponsored Retirement Plans
Every year, retirement savers in their 70s are faced with either starting or delaying their required minimum distributions (RMDs): whether it be from an employer-sponsored retirement plan or an individual retirement arrangement (IRA). The required beginning date (RBD) determines how long an account owner can delay taking an RMD. As different RBDs may apply, the topic is notoriously confusing. But we are here to help.
In January 2024, the Internal Revenue Service (IRS) released Notice 2024-22, providing guidance with respect to anti-abuse rules for Pension-Linked Emergency Savings Accounts (PLESAs), a new provision created by the SECURE 2.0 Act of 2022 (SECURE 2.0).
The IRS is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.
The IRS has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and IRAs under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.
What's Trending
- 401(k) Plan
- 403(b) Plan
- Beneficiary
- Business Insights
- Compliance & Operations
- Compliance and Operations
- Congress
- Contribution
- Contributions
- Conversion
- Coverdell ESA
- Coverdell ESAs
- cp
- Deduction
- Disaster
- Distribution
- Documents & Amendments
- DOL
- Education
- Eligibility
- Excess Contribution
- Fair Market Value
- Fiduciary
- Form 1099-R
- Form 5498
- Guidance & Legislation
- Health
- HSA
- Industry Trends & Statistics
- Investment
- IRA
- IRS
- Loan
- Medicare
- Military
- News
- Notices
- Plan Establishment
- Profit Sharing Plan
- Prohibited Transaction
- Q&A
- Qualified Retirement Plan
- Recharacterization
- Regulations
- Reporting
- Required Minimum Distributions
- Retirement Plan
- Retirement Spotlight
- Rollover
- Roth IRA
- SEP Plan
- SIMPLE IRA Plan
- Tax
- Traditional IRA
- Transfer
- Washington Pulse
- Withholding
Subscribe to The Link
Free Newsletter The Link – Get news, information, and timely tips to help you administer your IRA, health savings account, education savings account, and employer-sponsored retirement plan programs . Subscribe to this monthly newsletter today by completing the information below. You will receive a confirmation when you are successfully subscribed.
Your information will never be shared or sold to a 3rd party.