The SECURE 2.0 Act has shortened the time necessary to allow part-time workers access to 401(k) plans.
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The SECURE Act of 2019 has been followed by a package of several bills, which have collectively been dubbed “SECURE 2.0.” These bills were eventually combined into a single bill, titled The SECURE 2.0 Act of 2022. This bill was included in the Consolidated Appropriations Act of 2023, which was signed into law on December 29, 2022.
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The IRS in Notice 2022-55 has issued the inflation-adjusted retirement savings limitations for the coming year. Those who follow these annual announcements will note some significant year-over-year increases from the 2022 amounts.
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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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Several bills with provisions that would alter tax-advantaged savings arrangements have been introduced. If these provisions are approved, they represent important priorities for the House and Senate lawmakers responsible for their drafting and introduction.
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Last month the U.S. House of Representatives passed H.R. 5376, the Build Back Better Act (“BBB Act” or “the Act”). Following quickly on the heels of the Infrastructure Investment and Jobs Act, the BBB Act contains several retirement and benefits provisions that may affect financial organizations, service providers, and consumers. This bill has gone through numerous revisions as it made its journey to the House floor for a vote. It will now go to the Senate, which will likely make further revisions.
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The IRS released the 2022 IRA and retirement savings plan limitations in early November. Most limitations will increase for 2022.
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The IRS recently released a new draft of Form W-4R and of Form W-4P, in which the IRS indicates that it will not require use of the redesigned Form W-4P and the new Form W-4R to meet federal withholding requirements until January 1, 2023.
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The IRS recently issued two news releases announcing the postponement of certain tax-related deadlines for Connecticut and Mississippi victims of Hurricane Ida.
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The IRS recently issued several news releases announcing the postponement of certain tax-related deadlines for victims of various storms and wildfires.
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IRS Revenue Procedure 2021-30 contains significant updates to the Employee Plans Compliance Resolution System used by employers to correct certain retirement plan qualification failures so that they can continue to maintain a tax-favored retirement plan. Learn more about the changes.
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The IRS recently issued a revised 2020 Publication 590-B in which it clarifies its explanation of the 10-year rule beneficiary distribution option.
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The IRS officially extended the deadline for individuals to file their federal tax returns and make IRA, HSA, and ESA contributions with Notice 2021-21. This notice also gives financial organizations until June 30, 2021, to file and furnish Form 5498 series forms.
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The IRS issued news releases announcing the postponement of certain tax-related deadlines for both Texas and Louisiana victims of severe winter storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11.
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The latest COVID-19 relief legislation comes in the form of the American Rescue Plan Act of 2021, signed into law on March 11. It contains a third round of direct payments to Americans, funding to help hard-hit industries, and many other provisions, including some that will affect health plans and defined benefit plans.
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The IRS has released final regulations on computing unrelated business taxable income for a tax-exempt organization. While the guidance may affect a relatively small portion of tax-exempt retirement plans, for those plans that invest in certain types of assets, however, knowing the rules will be important.
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What 2021 will bring is yet to be determined. There is optimism, however, that one or more retirement or health savings-focused bills could be enacted in 2021. Several that were introduced during the past two years will likely be re-introduced in the 117th Congress.
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