The DOL has withdrawn the independent contractor rule that was scheduled to take effect on May 7, 2021.
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What is a summary plan description? When must it be given and to whom? Can it be delivered electronically? What are the consequences of not providing one?
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You and your staff may be fielding questions from clients about whether coronavirus-related distributions are still available in 2021 or whether there’s an RMD waiver for 2021. Those two CARES Act provisions have ended, but some parts of the relief are still applicable.
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Federal rules restrict withdrawals from 401(k) plans even more than they do for IRAs. Even so, it may be worth discussing how to gain early access to plan assets, especially with clients who may be dealing with financial repercussions of the COVID pandemic.
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The DOL issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption, PTE 2020-02. One is intended to educate retirement savers about considerations when choosing a potential advisor, and the other is a detailed set of frequently asked questions.
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Making a retirement plan a safe harbor plan is another way for a plan to pass its ADP testing. What did the SECURE Act change to allow for this option? Are there requirements or restrictions to be aware of?
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The IRS has indicated that Form W-4P will be split into two forms: one for periodic pension or annuity payments and the other—a new form—for nonperiodic payments. Early release of the 2022 draft versions of these forms are now available.
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Roughly one-third or more of private sector workers do not have access to a retirement plan at their place of employment. How the country might address this “coverage gap” is the subject of a study that examines the potential for reducing the coverage gap through several retirement plan design approaches.
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The IRS issued news releases announcing the postponement of certain tax-related deadlines for both Texas and Louisiana victims of severe winter storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11.
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The Department of Labor has proposed withdrawing the independent contractor rule, which has not yet taken effect. The rule’s intended purpose was to clarify the distinctions between an “employee” and an “independent contractor” for purposes of worker classification.
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What is a qualified plan loan offset? What is the qualified plan loan offset extended rollover period? How should we report a qualified plan loan offset?
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The latest COVID-19 relief legislation comes in the form of the American Rescue Plan Act of 2021, signed into law on March 11. It contains a third round of direct payments to Americans, funding to help hard-hit industries, and many other provisions, including some that will affect health plans and defined benefit plans.
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The IRS has released final regulations on computing unrelated business taxable income for a tax-exempt organization. While the guidance may affect a relatively small portion of tax-exempt retirement plans, for those plans that invest in certain types of assets, however, knowing the rules will be important.
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Prohibited Transaction Exemption 2020-02 outlines the factors that determine whether financial professionals are considered fiduciaries and gives clear guidance about how fiduciaries must comply with their responsibilities when providing investment services.
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These regulations—when made final—may clarify the interplay between the new mandatory 60-day postponement rule and existing disaster relief. But practically, not much is likely to change. The IRS will continue to exercise its considerable authority to postpone tax-related deadlines. Postponements will generally continue to exceed 60 days. And individuals will still rely on the IRS to identify which disasters and tax-related items will qualify for deadline postponement.
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The Department of Labor has proposed delaying the effective date of final regulations that would clarify the distinctions between an “employee” and an “independent contractor” for purposes of worker classification.
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What is a prohibited transaction under ERISA? What penalties are imposed under ERISA involving prohibited transactions? Are there any exceptions to the prohibited transaction rules?
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IRS final regulations giving retirement plan participants more time to roll over qualified plan loan offsets were released in December 2020.
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