Now that the IRS has provided additional guidance for when employers may recoup HSA contributions, you may want to consider updating your internal procedures for handling requests to recover contributions.
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The IRS has expanded the availability of self-correction options under the Employee Plans Compliance Resolution System in a move to increase plan compliance and reduce costs for employers.
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The IRS has provided guidance that expands its determination letter program with the addition of two plan categories that plan sponsors can use to request a determination letter other than when the plan is established or terminated.
Read MoreWhen establishing an IRA, it can be easy to overlook a step or two, which could lead to compliance issues and jeopardize the tax-deferred nature of the account. Follow these steps to help ensure that your organization is setting up IRAs the right way.
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The current requirements for electronic delivery and consent are stringent—failure to follow them may be viewed as not delivering the form or notice at all. If your organization is considering electronic delivery or enabling electronic elections, be sure to stick to the IRS guidelines.
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Does a Roth IRA owner have to wait five years before taking a Roth IRA distribution? What are the five-year waiting periods as they apply to Roth IRA distributions and how do they differ?
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What options are there for adding an automatic enrollment feature to a 401(k) plan? What happens if an employee is not enrolled in the plan’s automatic enrollment feature?
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The Retirement Enhancement and Savings (RESA) Act of 2019 is the latest Senate version of a retirement reform bill that, if passed, would make many significant changes to the retirement savings landscape.
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Many IRA and retirement plan beneficiaries are not aware of the distribution requirements after an account owner has died. Without this knowledge, they could face unexpected penalty taxes. And your organization could face unexpected questions and complaints.
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The IRS and Department of Labor released tax relief guidance for victims of the severe storms and flooding events in Iowa, Nebraska, and Alabama.
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Effective consumer education on the part of employers, employee benefit providers, and financial organizations can lead to a better overall understanding of HSAs and, ultimately, an increase in HSA assets.
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Do you sometimes get asked about the benefits of having a conduit IRA? Anymore it’s a thing of the past, but there are reasons why some of your clients may find value in using a conduit IRA.
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 is the latest House version of a retirement reform bill that, if passed, would make many significant changes to the retirement savings landscape.
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Can a minor own an IRA? Why would a minor want to own an IRA? Can a minor inherit an IRA? Are there any special distribution options?
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Who are leased employees? Is the recipient employer’s qualified retirement plan required to cover leased employees? If leased employees are covered, how does the recipient employer make contributions?
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The 2018 IRS Form 1040 is noticeably different from previous years as a result of efforts to simplify tax filing. Just how different is it? Find out how reporting retirement savings-related information on Form 1040 has changed.
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As a result of tornadoes, storms, and straight-line wind events in Alabama, the IRS has extended the deadline for affected victims to complete certain time-sensitive tax-related acts.
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Allowing successor beneficiaries to maintain an inherited IRA at your organization is an easy way to grow your IRA business. There are a few things to consider though.
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