When each spouse owns 100 percent of their own business, are their businesses considered separate employers or a single employer for qualified retirement plan purposes? What situations involving spouses could cause businesses to be treated as a single employer?
Read MoreOne of the most difficult aspects of reporting IRA and qualified retirement plan distributions is determining the proper distribution codes to enter in Box 7 on IRS Form 1099-R. Consider some common distribution scenarios to learn which code applies and why.
The IRS released the 2022 IRA and retirement savings plan limitations in early November. Most limitations will increase for 2022.
Read MoreThe IRS recently released a new draft of Form W-4R and of Form W-4P, in which the IRS indicates that it will not require use of the redesigned Form W-4P and the new Form W-4R to meet federal withholding requirements until January 1, 2023.
Read MoreThe Department of Labor recently released guidance extending the transitional relief and non-enforcement guidance related to investment advice fiduciaries who work diligently and in good faith to comply with Impartial Conduct Standards.
Read MoreThe IRS recently issued two news releases announcing the postponement of certain tax-related deadlines for Connecticut and Mississippi victims of Hurricane Ida.
Read MoreWhat is the difference between ERISA and non-ERISA 403(b) plans? Does ERISA apply to the 403(b) plans established by religious organizations? What are the implications of being subject to Title I of ERISA?
Read MoreThe SECURE Act changed many aspects that IRA and qualified retirement plan beneficiaries need to consider, making the administration of beneficiary distributions more complex. One aspect that is straightforward, however, is the distribution options for a successor beneficiary.
When it comes to satisfying a year-of-death RMD, missing or unresponsive beneficiaries may complicate matters. Consider what to do when there are multiple beneficiaries and one is unresponsive—how should the RMD be handled? While there may be no satisfactory answer or clear guidance, it’s worth considering the options.
What is vesting as it relates to a defined contribution retirement plan? How is vesting applied in defined contribution retirement plans? What are the possible vesting schedules?
Read MoreThe Social Security Administration recently announced the 2022 cost-of-living adjustments for certain benefits. Included is the taxable wage base increase from 2021.
Read MoreThere are differences between how various retirement assets are treated in divorce. Qualified retirement plan assets can be distributed to a former spouse through a document known as a qualified domestic relations order. IRA assets subject to divorce proceedings are paid through a “transfer incident to divorce.”
Read MoreThe IRS recently issued several news releases announcing the postponement of certain tax-related deadlines for victims of various storms and wildfires.
Read MoreWhat is an owner-only 401(k) plan? How much can be contributed to an owner-only 401(k) plan? What makes an owner-only 401(k) plan appealing?
Read MoreIs your organization ready to use the updated life expectancy tables that will take effect on January 1? Last November, the IRS published final regulations that contained revised life expectancy tables. The updated distribution periods will generally provide smaller payment amounts than those calculated with the current tables.
Read MoreThe premature spending of retirement savings for purposes other than retirement is likely to cause many retirees to be inadequately prepared during retirement. The congressional Joint Committee on Taxation recently released a report estimating the extent to which retirement accumulations are currently “leaking” from tax-advantaged savings arrangements and why.
Read MoreIRS Revenue Procedure 2021-30 contains significant updates to the Employee Plans Compliance Resolution System used by employers to correct certain retirement plan qualification failures so that they can continue to maintain a tax-favored retirement plan. Learn more about the changes.
Read MoreConfused about the rules for hardship distributions from employer-sponsored retirement plans after the recent legislative and regulatory changes? What changes were made to the safe harbor hardship distribution standard? Can hardship distributions be taken from any asset source in the plan?
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