Health savings accounts (HSAs) have steadily grown in popularity over the past two decades, but data shows they’ve entered a new era. HSAs are no longer just about paying for today’s doctor visit. For financial organizations, HSAs represent both a client service opportunity and a business growth strategy that’s increasingly too significant to overlook.
Read MoreThe backdoor Roth contribution works especially well if your client doesn’t have any other pretax assets in any Traditional (including those holding SEP assets) or SIMPLE IRAs.
Read MoreIronically, given their official name, SIMPLE IRA plans have a number of elements that are anything but simple. Congress has altered the governing rules from time to time over the last three decades. As a result, some would say that SIMPLE IRA plans—while still a fine small employer plan option—are getting less and less simple.
Read MoreEveryone loves a good summer to-do list and we’re here to help. It’s the perfect time to survey your IRA department and see how you’re doing and what can be improved or implemented.
Read MoreElecting a plan’s definition of compensation may be one of the most important elections in any plan document. The elections made will significantly affect the plan’s design and its operations.
Read MoreWhen a business is acquired or sold, the employer’s business structure may change (e.g., a sole proprietorship may become a corporation); the employer may join or leave a controlled or affiliated service group; or the employer may change for one or more individuals. Such business transactions could affect many aspects of the business’s qualified retirement plan.
Read MoreOne unique feature to a Coverdell Education Savings Account (ESA) is the requirement that the account terminates when the designated beneficiary reaches age 30. If you don’t stay on top of these accounts, you risk not reporting them correctly to the IRS and possibly losing contact with the designated beneficiary.
Read MorePlan sponsors may generally correct eligible inadvertent failures under the EPCR’s Self-Correction Program. Exceptions to this rule include failures in which the plan or plan sponsor is under examination by the IRS or for failures that have been identified by the plan or plan sponsor but have not been corrected within a reasonable period of time after identification.
Read MoreIt'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.
Read MoreJanuary is rapidly approaching and with it comes the deadline for fair market value (FMV) statements. One of the most challenging IRA reporting requirements is FMV statement reporting for the IRA owner’s year of death.
Read MoreEmployers sometimes ask if they can reward their more tenured employees by providing them with a more generous matching formula than their less tenured counterparts.
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