IRS final required minimum distribution (RMD) regulations were published on July 19, 2024, more than four years after enactment of relevant statutory changes in the SECURE Act of 2019. Especially noteworthy are provisions affecting those who inherit an IRA whose owner had not yet satisfied the RMD for the year in which they died. Ironically, these provisions have the potential to both simplify and to complicate the process by which beneficiaries meet year-of-death RMD obligations.

Although RMDs from separate IRAs can be aggregated and taken from one Traditional IRA, individuals cannot satisfy RMDs from qualified retirement plans by taking a Traditional IRA distribution. In addition, individuals cannot satisfy Traditional IRA RMDs by taking distributions from their qualified retirement plans.

The Internal Revenue Service recently released Treasury Decision (TD) 10008, which provides guidance on income tax withholding requirements for certain periodic payments and nonperiodic distributions from deferred compensation plans, individual retirement arrangements (IRAs), and commercial annuities.

Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available.

Financial organizations are responsible for paying out HSA assets to beneficiaries after an HSA owner’s death and properly reporting these distributions to the IRS, so your role as an HSA administrator is important. And because HSA beneficiary options differ from IRA and employer plan beneficiary options, it’s a good idea to familiarize yourself with the options and distribution process.

It is not turning age 65 that makes people ineligible to contribute to HSAs, but rather enrollment in Medicare that prevents HSA owners from making further contributions. And while most people do enroll in Medicare when they turn 65, it is not necessarily required.

You may have noticed an increase in clients making late IRA transactions because they live or work in a federally declared disaster zone. This disaster relief can affect your financial organization and how you report certain IRA transactions.

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.

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.

Plan administrators and plan participants must limit the elective deferrals that are contributed to their qualified retirement plans each calendar year to the Internal Revenue Code Section (IRC Sec.) 402(g) limit. The limit includes elective deferrals (including both pretax and designated Roth deferrals) that participants can defer into their qualified retirement plans (in aggregate) for each taxable year.

The Internal Revenue Service recently released Treasury Decision (TD) 10008, which provides guidance on income tax withholding requirements for certain periodic payments and nonperiodic distributions from deferred compensation plans, individual retirement arrangements (IRAs), and commercial annuities.

Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available.

The Internal Revenue Service (IRS) recently issued Notice 2024-77, providing interim guidance on the treatment of “inadvertent benefit overpayments” from defined benefit and defined contribution plans as provided by Section 301 of the SECURE 2.0 Act of 2022 (SECURE 2.0).