The IRS has issued Notice 2025-67 on November 13, 2025, which contains the 2026 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
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There are circumstances when the actual order of death cannot be positively determined. Why does this matter? The order of death may determine whether an IRA or retirement plan account becomes the property of a contingent beneficiary, versus a primary beneficiary’s estate. Sometimes the financial stakes can be quite high.
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The rules surrounding Roth IRAs can be complex, and somewhat confusing to the average taxpayer. Let’s clear up some of the common misconceptions surrounding Roth IRAs.
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When it comes to saving for retirement, most people understand the basics. They set up an IRA, begin making contributions, and let the balance grow. The stumbling block tends to happen later, when it’s time to move those funds. That’s when your clients hear terms like “transfer” and “rollover,” and may end up doing the exact opposite of what they should.
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For many teens, those summer paychecks can be more than just spending money. They can actually be the key to starting one of the smartest financial habits around: contributing to a Roth IRA.
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Both the employer operating the SIMPLE IRA plan and the financial organization holding the SIMPLE IRA assets play a role in providing a summary description to employees.
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The deadline for removing 2024 excess contributions and completing recharacterizations is on the horizon. An IRA owner has until his tax return due date, plus extensions, to remove an excess contribution or recharacterize a 2024 contribution.
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Ironically, 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.
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No one wants to be caught unprepared by an IRS audit. Because the best defense is a good offense, here are some tips and tricks to review your own files so you can learn what areas may need your attention.
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Everyone 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.
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As your financial organization prepares to file Form 5498, IRA Contribution Information, to the IRS and send copies to your clients, it is a great time to familiarize yourself with what the form reports.
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The IRS has issued Revenue Procedure 2025-19, providing inflation-adjusted amounts for Health Savings Accounts (HSAs) for calendar year 2026.
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As health savings accounts (HSAs) become more popular, questions about how to correct errors also increase. One question financial organizations often receive is, “is this a mistaken distribution?”
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Buried within the newly released 2025 Form 1099-R instructions is a reporting change you may have missed, but one that is important to know about if you work with IRAs.
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If a client has received an extension to file his taxes, he may believe that he has an extension to make a prior-year contribution. It is important to understand that a tax filing extension is not an extension to make a prior-year IRA contribution: it is only an extension to file the tax return. But other postponements may apply to some of your clients.
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The SECURE Act—officially known as the Setting Every Community Up for Retirement Enhancement Act of 2019—made significant changes to IRA and retirement plan rules, including to the beneficiary payout options. One of the most noteworthy changes involves the 10-year rule, which requires a total distribution of inherited assets by December 31 of the year containing the 10th anniversary of the account owner’s death.
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The prohibited transaction rules are in place to ensure that IRA transactions are managed in a way that benefits the IRA itself in the long run, rather than providing short-term gains to the IRA owner.
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As you may have already guessed, this is typically the busiest time of the year for many financial institutions. During the next few months, your staff may be juggling different tasks—including preparing the 2024 IRA reporting forms and answering a higher amount of calls from clients.
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