IRS Notice 2018-90 extends the transition period to January 1, 2020, for satisfying withholding and reporting requirements when paying out an abandoned IRA to the state.Read More
Many financial organizations struggle with IRAs that are left unclaimed or abandoned. How must these IRAs be handled to satisfy a financial organization’s duty as trustee or custodian and its desire to “clean up” inactive accounts?
The IRS issued a revenue ruling stating how withholding and reporting is applied to IRA assets that are escheated to states.Read More
IRA compliance is a big responsibility for financial organizations that administer IRAs, and mistakes do happen. Here are common errors that Ascensus® consultants have found during financial organization IRA compliance reviews.Read More
An IRA owner wants to complete a rollover through the new self-certification process. How do we report this? Must we file a corrected Form 1099-R showing a small incorrect amount? Can an IRA beneficiary do a qualified charitable distribution?Read More
When reviewing an IRA owner’s file, we discovered that it contained no opening documents nor evidence of her having received the opening documents. How do we fix this compliance concern?Read More