The IRS has issued Notice 2024-80, which contains the 2025 cost-of-living adjustments (COLAs) for IRA and employer-sponsored retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code.
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Can an employer establish a SEP or SIMPLE IRA for a minor child employee?
Short answer, yes.
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The Internal Revenue Service (IRS) recently issued Notice 2024-73, providing guidance regarding the participation of long-term, part-time (LTPT) employees in 403(b) plans subject to Title I of the Employee Retirement Income Security Act (ERISA).
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When an IRA owner dies, the assets are distributed to beneficiaries, whether named by the IRA owner or determined by IRA document defaults. This can sometimes be a complicated process for financial organizations. And further complications may arise when the original beneficiary dies, leaving the inherited IRA to a successor beneficiary.
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In 2019, the SECURE Act made several changes to the rules for retirement plans and IRAs, including raising the applicable RMD age from 70½ to 72. In 2022, the IRS released proposed regulations that revised long-standing RMD rules and provided guidance on certain SECURE Act provisions. Congress also passed the SECURE 2.0 Act, which increased the applicable RMD age again from age 72 to age 73 in 2023, and then to age 75 in 2033 (or the year of retirement, if later, for certain plan participants who are not five percent owners).
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The new RMD regulations are not without at least one limitation for spouse beneficiaries, in the form of the “hypothetical RMD.” This could affect a spouse beneficiary who inherits an IRA or qualified retirement plan account before the deceased’s RMDs are required to begin—generally age 73—and who elects the new 10-year beneficiary payout rule in order to delay the onset of required distributions.
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Here is a refresher for IRA excess contributions and how to remove them.
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The IRS has issued Notice 2024-55, providing guidance on emergency personal expense distributions and domestic abuse victim distributions that are effective after December 31, 2023, under SECURE 2.0.
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You may have noticed an increase in clients making late IRA transactions because they live or work in a federally declared disaster zone. This disaster relief can affect your financial organization and how you report certain IRA transactions.
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The Department of Labor (DOL) recently released a regulatory package that includes a final amendment (the Retirement Security Rule) to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) Title I and Title II (codified in the Internal Revenue Code).
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Financial organizations must offer federal withholding on all IRA distributions that may be subject to income tax.
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The Internal Revenue Service is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.
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In January 2024, the Internal Revenue Service (IRS) released Notice 2024-22, providing guidance with respect to anti-abuse rules for Pension-Linked Emergency Savings Accounts (PLESAs), a new provision created by the SECURE 2.0 Act of 2022 (SECURE 2.0).
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The very nature of IRAs can make them more susceptible to becoming dormant. For example, because IRAs are meant to provide income during retirement, some individuals may keep their IRAs open for years with little to no activity. Other individuals may forget that they have an IRA or may not know that they have one (e.g., IRA beneficiaries or missing plan participants).
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The IRS has issued Revenue Procedure 2024-25, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2025.
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The IRS is reminding businesses who sponsor a retirement plan that certain provisions of SECURE 2.0 that became effective in 2023 may impact their Form W-2 reporting requirements.
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The IRS has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and IRAs under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.
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On April 16, 2024, the IRS issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.
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