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.Read More
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.Read More
The 2019 instructions for IRS Forms 1099-R and 5498 are now available, with a few notable changes in addition to standard updates.Read More
The IRS has updated its list of tax-related time-sensitive acts that may be postponed due to federally-declared disasters or service in the Armed Forces.Read More
After a longer than usual delay, the IRS released the 2018 Form 1099-R, 5498, and the associated instructions for IRA and retirement plan transactions. The IRS explains how to handle certain retirement plan loan offsets that are allowed an extended period beyond 60 days for rollover.Read More
The IRS has released the 2018 tax year Form 5498, IRA Contribution Information, with a few changes related to the Tax Cuts and Jobs Act of 2017. The 2018 Forms 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., is not yet available.
Consistently filing incorrect information returns is a red flag to the IRS, prompting questions, a possible IRS audit, and potential financial organization penalties.Read More
An IRA owner wants to complete a rollover through the new self-certification process. How do we report this? Must we file a corrected Form 1099-R showing a small incorrect amount? Can an IRA beneficiary do a qualified charitable distribution?Read More