The IRS issued final regulations in June to help clarify the new mandatory 60-day postponement period for certain tax-related acts following a federally declared disaster. Learn more about the practical implications of the final regulations.
Read MoreThe IRS recently postponed certain tax-related deadlines for Michigan victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on June 25.
Read MoreConfused when it comes to determining beneficiary distribution options for IRAs and qualified retirement plans, especially after the SECURE Act? Since the SECURE Act changes became effective, beneficiary options depend on three primary factors. Be sure to consider all three before making any distributions to your IRA or retirement plan beneficiaries.
Read MoreWhat is an eligible rollover distribution? What are the tax consequences if an eligible rollover distribution is rolled over? Are there any eligible rollover distributions that may be rolled over beyond the 60-day window?
Read MoreThe IRS recently postponed certain tax-related deadlines for West Virginia and Louisiana victims of severe storms. The tax relief pertains to various tax filing and payment deadlines that occurred starting on February 27 and May 17.
Read MoreThe IRS recently issued final regulations regarding the mandatory 60-day postponement of deadlines for certain time-sensitive, tax-related acts in circumstances of federally declared disasters.
Read MoreDoes a married plan participant need to obtain spousal consent when requesting a qualified retirement plan distribution? Do IRAs have the same spousal consent requirements? Do spousal consent requirements apply to plan participants joined in civil unions that aren’t defined as marriage?
Read MoreThe IRS recently postponed certain tax-related deadlines for Alabama, Kentucky, and Tennessee victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 27 and March 25.
Read MoreThe DOL has issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption. The first piece contains a detailed set of FAQs for investment professionals and financial organizations. The second piece is written for retirement investors. Here are the main takeaways from this latest round of guidance.
Read MoreThe DOL has withdrawn the independent contractor rule that was scheduled to take effect on May 7, 2021.
Read MoreWhat 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?
Read MoreYou 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.
Read MoreFederal 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.
Read MoreThe 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.
Read MoreMaking 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?
Read MoreThe 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.
Read MoreRoughly 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.
Read MoreThe 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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