The IRS updated a previously-issued extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
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When designing an employer-sponsored retirement plan that uses the new comparability profit sharing contribution allocation formula, your employer clients may want to consider ways to make the formula work better.
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Summary descriptions are soon due to employers that sponsor a SIMPLE IRA plan. Employers may look to your organization to find out what must be included. Be sure you understand the notice requirements.
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It’s been nearly seven months since the CARES Act was enacted. Those in the retirement industry are starting to wonder just how effective the relief has been for those in financial need and how much momentum in retirement savings might yet be lost to coronavirus-related distributions and loans.
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How quickly must retirement plan sponsors deposit participant contributions? What are the consequences for late participant contributions? Has the DOL made any changes to its deposit requirements in response to the COVID-19 pandemic?
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Sally in Alabama.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
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IRS Notice 2020-68, issued earlier this month, provides more information about SECURE Act changes affecting retirement savings arrangements.
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The SECURE Act created an excise tax exception for qualified birth or adoption distributions—a way for your clients, beginning in 2020, to reduce some of the financial burden that comes with the birth or adoption of a child. Here’s what you need to know.
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The 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.
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Can plan-related fees and expenses be paid out of a qualified retirement plan? Which plan account balances may be used to pay plan-related fees? Can a mandatory amendment or restatement fee be paid out of plan assets?
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Long-awaited guidance from the IRS grants relief for those who took distributions that were intended to be 2020 RMDs—before the 2020 RMD waiver was granted—and requires IRA trustees and custodians to notify IRA owners that no RMD is due for 2020.
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Qualified retirement plans—including profit sharing, money purchase, and 401(k) plans—receive special tax benefits by meeting the requirements set forth by the IRS. Employers or plan sponsors are responsible for restating their plan documents to avoid a plan qualification failure.
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The Congressional Research Service recently updated a previous report that it published on the solvency of the Social Security system. This data provides food for thought and takes the discussion out of the realm of speculation and hearsay.
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The 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.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of severe storms in Michigan and an earthquake in Utah.
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IRS Notice 2020-51 provides much-needed additional guidance—and some welcome relief—pertaining to the 2020 RMD waiver. It seems to answer some of the outstanding questions about the waiver that the CARES Act did not.
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The DOL recently issued investment advice guidance to replace the guidance struck down in 2018 by the United States Court of Appeals for the Fifth Circuit. This latest guidance package includes a proposed prohibited transaction class exemption and a technical amendment to DOL Regulations 2509 and 2510.
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