Before SECURE 2.0’s enactment, SEP and SIMPLE IRA plan contributions had to be made as pre-tax contributions, but now employers may allow employees to elect to have contributions into a SEP or SIMPLE IRA made as Roth contributions.
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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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The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
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On September 13, 2023, the IRS issued Revenue Procedure 2023-31, which addresses requests for undue hardship waiver or administrative exception from the electronic filing requirements for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, and Form 5500-EZ, Annual Return of A One Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan.
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The IRS on July 14, 2023, issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.
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The IRS in late May 2023 issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.
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The IRS issued Notice 2023-23, guidance that addresses required minimum distribution (RMD) reporting by IRA trustees, custodians, and issuers.
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The IRS issued Notice 2022-45, which extends the deadline for amendments to retirement plans and individual retirement arrangements (IRAs) to adopt some provisions relating to distributions and loans under the CARES Act.
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The Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices. One of these includes the Social Security taxable wage base (TWB), which identifies the maximum amount of an individual’s annual earnings that are subject to withholding for Social Security-administered benefits.
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Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.
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The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.
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The IRS has announced the postponement of certain tax-related deadlines for victims of a water crisis in Mississippi.
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The IRS issued Notice 2022-33, which extends the deadline for amendments to retirement plans and Individual Retirement Arrangements (IRAs) to adopt provisions enacted under the SECURE Act, the Miners Act, and some provisions under the CARES Act.
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Maximum annual HSA contributions will rise from $3,650 to $3,850 for those with self-only insurance coverage, and from $7,300 to $7,750 for those with family coverage.
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The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in New Mexico.
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Effective April 1, 2022, the maximum aggregate bankruptcy exemption amount for IRAs increased from $1,362,800 to $1,512,350.
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The IRS announced that the filing deadline for 2021 tax returns or requests for extension is April 18, 2022, for most taxpayers.
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In early January, the IRS issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in Colorado. The IRS also issued a news release in mid-January announcing the postponement of certain tax-related deadlines for victims of flooding and mudslides in Washington.
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