The end of May is normally when the previous year’s IRS Form 5498 is due. But for 2019, the deadline has been moved to July 15. Here’s a run-down of what exactly needs to be entered in each box.
Read More
What is the 403(b) plan restatement? What is the deadline for restating 403(b) plan documents? What if an employer is unable to restate its 403(b) document timely?
Read More
In response to the coronavirus pandemic, the IRS has extended several time-sensitive, tax-related deadlines. IRS Notices 2020-17, 2020-18, and 2020-23 address specific actions that a taxpayer or entity has until July 15, 2020, to complete.
Read More
The CARES Act, signed into law March 27, is designed to assist the millions of Americans affected by the coronavirus (COVID-19) outbreak. The legislation has multiple provisions that affect retirement and health savings arrangements.
Read More
What is the deadline for an employer to establish a qualified retirement plan? Can an employer establish a plan in 2020 for the 2019 plan year? If an employer establishes a plan for the prior year, can elective deferrals be contributed for that prior year?
Read More
In response to storms in Tennessee, the IRS is allowing an extension of time for affected residents to complete certain time-sensitive tax-related acts.
Read More
The age when required minimum distributions must begin increased from 70½ to 72, starting in 2020. Find out who is affected by the change—and what it means for IRAs versus employer-sponsored retirement plans.
Read More
The IRS issued its semi-annual update to the agency’s 2019-2020 Priority Guidance Plan. A number of the guidance items deal with retirement savings arrangements.
Read More
What is a related employer relationship? Why does it matter if the employer is part of a related employer relationship for retirement plan purposes? What should the employer consider in terms of the plan and how are participants affected?
Read More
Some provisions of the SECURE Act took effect mere days after enactment—on January 1, 2020—making implementation difficult. Industry groups have requested that the IRS expedite guidance on the most pressing questions. Here’s the guidance that we have so far: some is explicit and some we can glean through draft instructions for required tax reporting.
Read More
What does the universal availability requirement in 403(b) plans mean? Does the universal availability rule apply to all organizations? How does the employer satisfy the universal availability requirement?
Read More
Understanding the SECURE Act provisions will help you provide the best service possible to your clients. There are certain provisions that will more significantly affect your retirement savings plan business.
Read More
Saving enough for retirement is difficult for most Americans. Unfortunately, it can be even more difficult for women. By understanding some of the challenges that many women face when it comes to saving, you can help your women clients who may be lagging behind in retirement preparedness catch up and even pull ahead.
Read More
When can employees withdraw money from a 401(k) plan while they are still working? Are there other ways that employees can take out their elective deferrals before age 59½ as a distribution? Can employees take loans from their 401(k) plans?
Read More
On December 20, 2019, the President signed into law the Further Consolidated Appropriations Act, 2020, which includes the major retirement savings-related SECURE Act provisions previously passed by the House in April 2019. Many of the provisions will become effective January 1, 2020.
Read More
Awaiting both House and Senate approval and signature by the President is the Consolidated Appropriations Act, 2020, which contains provisions to fund government operations for the coming fiscal year and includes SECURE Act provisions affecting retirement and individual savings plans.
Read More
Drawing on its own retirement plan and consumer-directed healthcare account data, Ascensus offers a unique, comprehensive perspective into how Americans are saving for the future.
Read More
Are your business clients frustrated with low employee participation in their retirement plans? It may be time for them to rethink their eligibility and contribution requirements.
Read More