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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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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Just like Traditional IRA owners, an individual with a SEP plan can delay taking his first RMD until April 1 of the year after he attains age 73. This date is known as the required beginning date (RBD). But remember—if the SEP plan owner or participating employee delays taking his first RMD until the following year, he will need to take out two RMDs in the same year: the RMD for year one and the RMD for year two.
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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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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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With the arrival of a new year comes the availability of several SECURE 2.0 provisions that affect how workers can save for their retirement.
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The Internal Revenue Service recently released Treasury Decision (TD) 10008, which provides guidance on income tax withholding requirements for certain periodic payments and nonperiodic distributions from deferred compensation plans, individual retirement arrangements (IRAs), and commercial annuities.
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Thanks to the SECURE 2.0 Act, certain employees will have more deferral opportunities beginning in 2025. Learn how much employees can contribute to their retirement plan and about the types of deferrals that may be available.
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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 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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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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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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To assist Ascensus clients during the busy contribution and tax season, the 800 Consulting telephone lines will be open for extended hours.
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Before SECURE 2.0’s enactment, SEP and SIMPLE IRA plan contributions had to be made as pre-tax contributions, but now employers may allow employees to elect to have contributions into a SEP or SIMPLE IRA made as Roth contributions.
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Given the many changes to the retirement landscape brought about by the SECURE 2.0 Act legislation, it would be difficult to identify any one provision that has the greatest potential to impact retirement savers. But, certainly, one strong candidate would be the new ability to make Roth contributions to simplified employee pension (SEP) and savings incentive match plans of small employers (SIMPLE) IRA retirement plans.
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The Internal Revenue Service (IRS) has released Notice 2024-02, which provides guidance in a question and answer format regarding several provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). This article summarizes the guidance contained in Notice 2024-02.
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It's a brand-new year filled with fresh reporting deadlines, and perhaps a good time to take note on whether your financial organization is on track to meet these obligations—or to refresh your memory on when specific deadlines occur. First quarter is always a busy reporting season.
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On December 20, 2023, the IRS released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.
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