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Given the many changes to the retirement landscape brought about by the SECURE 2.0 Act legislation, it would be difficult to identify any one provision that has the greatest potential to impact retirement savers. But, certainly, one strong candidate would be the new ability to make Roth contributions to simplified employee pension (SEP) and savings incentive match plans of small employers (SIMPLE) IRA retirement plans.
The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). This article summarizes the guidance contained in Notice 2024-02.
Beginning with account owner deaths in 2020 and later, the SECURE Act of 2019 made significant changes to the rules on how qualified plan beneficiaries distribute their inherited assets. One significant provision prevents most nonspouse beneficiaries from “stretching” out distributions and taxation over their life expectancy.
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.
An employer can design a plan and avoid worrying about ADP/ACP testing by offering an ADP/ACP safe harbor 401(k) plan.
A Newly Expanded Document Suite Provides Flexibility and Growth Opportunities for Document Sponsors
Individual Retirement Arrangements
Given the many changes to the retirement landscape brought about by the SECURE 2.0 Act legislation, it would be difficult to identify any one provision that has the greatest potential to impact retirement savers. But, certainly, one strong candidate would be the new ability to make Roth contributions to simplified employee pension (SEP) and savings incentive match plans of small employers (SIMPLE) IRA retirement plans.
The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). This article summarizes the guidance contained in Notice 2024-02.
Beginning with account owner deaths in 2020 and later, the SECURE Act of 2019 made significant changes to the rules on how qualified plan beneficiaries distribute their inherited assets. One significant provision prevents most nonspouse beneficiaries from “stretching” out distributions and taxation over their life expectancy.
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.
Health Savings Accounts
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.
Health savings accounts (HSAs) will celebrate 20 years in 2024, and these tax-advantaged accounts are more popular than ever. However, there are some common misconceptions about HSAs that prevail, despite their growing popularity.
Employers are now preparing for benefits enrollment season, and chances are likely that you’ll soon experience an uptick in potential clients who want to set up new health savings accounts (HSAs) for next year.
Coverdell Education Savings Accounts
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.
When it comes to saving for education, individuals have a variety of options when it comes to the type of savings plan to use. Some types of savings arrangements include tax-advantaged accounts that have certain restrictions, while other types of accounts do not provide tax benefits but offer more flexibility.
Employer-Sponsored Retirement Plans
The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). This article summarizes the guidance contained in Notice 2024-02.
An employer can design a plan and avoid worrying about ADP/ACP testing by offering an ADP/ACP safe harbor 401(k) plan.
What is a Sarbanes-Oxley blackout notice? What is a blackout period? What information must be included in the blackout notice? What are the potential consequences of not providing a timely blackout notice?
On December 20, 2023, the IRS released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.
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