Employers may allow participants to take loan distributions from their qualified retirement plans. If loan distributions are permitted, there are a few details that participants should be aware of when deciding whether to take a loan distribution to meet short-term financial needs.
Read MoreThe IRS recently issued several news releases announcing the postponement of certain tax-related deadlines for victims of various storms and wildfires.
Read MoreThe IRS recently postponed certain tax-related deadlines for Michigan victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on June 25.
Read MoreThe IRS recently postponed certain tax-related deadlines for West Virginia and Louisiana victims of severe storms. The tax relief pertains to various tax filing and payment deadlines that occurred starting on February 27 and May 17.
Read MoreThe IRS recently postponed certain tax-related deadlines for Alabama, Kentucky, and Tennessee victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 27 and March 25.
Read MoreFederal rules restrict withdrawals from 401(k) plans even more than they do for IRAs. Even so, it may be worth discussing how to gain early access to plan assets, especially with clients who may be dealing with financial repercussions of the COVID pandemic.
Read MoreThe 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.
Read MoreWhat is a qualified plan loan offset? What is the qualified plan loan offset extended rollover period? How should we report a qualified plan loan offset?
Read MoreIRS final regulations giving retirement plan participants more time to roll over qualified plan loan offsets were released in December 2020.
Read MoreThe Consolidated Appropriations Act, 2021, was signed on December 27, 2020. Although there is no broad employee benefit relief, the Act contains some provisions—coronavirus- and non-coronavirus-related—that pertain to retirement and health savings plans.
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Zeta.
Read MoreThe IRS released final regulations that provide more time—beyond 60 days—for plan participants to roll over certain types of plan loan offsets. This guidance was issued in proposed form on August 20, 2020, followed by a 45-day comment period.
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Delta.
Read MoreThe IRS updated a previously-issued extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Sally in Alabama.
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
Read MoreThe IRS has released proposed regulations to align its guidance with the statutory rules for providing more time for plan participants to roll over certain types of plan loan offsets.
Read MoreThe IRS has released a notice of proposed rulemaking that pertains to rollover rules for qualified plan loan offset amounts. There will be a 45-day comment period after publication in the Federal Register.
Read More
