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On April 16, 2024, the IRS issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.
As you’re preparing to send your Form 5498 files to your vendor for printing, you’ve probably caught some reporting errors as you audit the files. But mistakes happen. And those errors that inevitably slip through are likely those that keep you up at night. It’s not fun getting a phone call or visits from upset clients after they received an incorrect Form 5498.
The Department of Labor (DOL) has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act (SECURE 2.0).
The SECURE Act of 2022—also known as SECURE 2.0—made many changes to tax-advantaged savings arrangements. Not all SECURE 2.0 provisions took effect immediately. One new provision that takes effect in 2024 is the option for certain assets in 529 higher education savings plans to be rolled over to Roth IRAs.
Over the past five years Congress has passed extensive legislation to encourage more people to save for their retirement. One obstacle many people face in this endeavor is not meeting eligibility requirements to participate in an employer-sponsored 401(k) plan. This hurdle is now easier to overcome for people who have worked on a part-time basis for their long-term employer.
Individual Retirement Arrangements
On April 16, 2024, the IRS issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.
As you’re preparing to send your Form 5498 files to your vendor for printing, you’ve probably caught some reporting errors as you audit the files. But mistakes happen. And those errors that inevitably slip through are likely those that keep you up at night. It’s not fun getting a phone call or visits from upset clients after they received an incorrect Form 5498.
The SECURE Act of 2022—also known as SECURE 2.0—made many changes to tax-advantaged savings arrangements. Not all SECURE 2.0 provisions took effect immediately. One new provision that takes effect in 2024 is the option for certain assets in 529 higher education savings plans to be rolled over to Roth IRAs.
One new penalty tax exception is for the terminal illness of a retirement plan participant or IRA owner. The provision applies to terminally ill distributions made after December 29, 2022. The rationale for this new exception is the potential need of an individual to use retirement funds for expenses related to a terminal illness.
Health Savings Accounts
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.
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.
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
On April 16, 2024, the IRS issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.
The Department of Labor (DOL) has released proposed regulations related to the implementation of section 120 of the SECURE 2.0 Act (SECURE 2.0).
Over the past five years Congress has passed extensive legislation to encourage more people to save for their retirement. One obstacle many people face in this endeavor is not meeting eligibility requirements to participate in an employer-sponsored 401(k) plan. This hurdle is now easier to overcome for people who have worked on a part-time basis for their long-term employer.
The Department of Labor (DOL) issued a final rule to assist employers when determining whether a worker is considered an employee or an independent contractor under the Fair Labor Standards Act (FLSA).
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