One of the most difficult aspects of reporting IRA and retirement plan distributions is determining the proper distribution code(s) to enter in Box 7 on IRS Form 1099-R. We’ve called out each distribution code that may apply and explained when to use each.
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 MoreHow much can be contributed each year to a plan participant’s account? What happens if a plan participant exceeds the annual additions limit? What can an employer do to help avoid exceeding the annual additions limit?
Read MoreThe IRS released the 2021 IRA and retirement savings plan limitations in late October. Several limitations will increase for 2021.
Read MoreThe IRS issued final regulations updating its life expectancy tables, which are used for calculating required payments from retirement savings arrangements. The new tables are to be used for distributions required in 2022 and later years.
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 MoreWhen 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.
Read MoreSummary 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.
Read MoreIt’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.
Read MoreHow 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?
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 MoreIRS Notice 2020-68, issued earlier this month, provides more information about SECURE Act changes affecting retirement savings arrangements.
Read MoreThe 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.
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 MoreCan 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?
Read MoreLong-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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