If a company is part of a related employer relationship, the companies within the relationship are generally treated as one employer for retirement plan purposes.
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The IRS will not enforce the 50 percent excess accumulation penalty tax for certain beneficiaries.
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The Department of Labor’s Wage and Hour Division has once again released guidance on the definition of “employee.”
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The IRS in Notice 2022-55 has issued the inflation-adjusted retirement savings limitations for the coming year. Those who follow these annual announcements will note some significant year-over-year increases from the 2022 amounts.
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The IRS has always treated IRA (and qualified plan) spouse beneficiaries quite generously. But the new RMD rules may make executing certain options more complicated.
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For self-employed individuals, determining the amount that can be contributed to a qualified plan can be daunting. It is important to understand that the compensation that can be used to calculate a retirement plan contribution is likely to be a different amount than what is reported to the Internal Revenue Service (IRS) as net earnings (profit or net business income) for tax purposes.
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The term “safe harbor” is used quite often in the retirement plan world. Generally, if you follow the safe harbor method or guidelines, then you will be “safe” from those requirements.
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A retirement plan is one of the most influential benefits that an employer may offer. One question that employers may ask is “How can we help participants get the most out of our retirement plan?”
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Divorce is a difficult topic for many people to discuss, but the actual process of a divorce can be even more daunting for couples who have shared assets in a variety of investments, including assets earmarked for retirement.
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The IRS issued Notice 2022-45, which extends the deadline for amendments to retirement plans and individual retirement arrangements (IRAs) to adopt some provisions relating to distributions and loans under the CARES Act.
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The Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices. One of these includes the Social Security taxable wage base (TWB), which identifies the maximum amount of an individual’s annual earnings that are subject to withholding for Social Security-administered benefits.
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Employers may allow participants to take loan distributions from their qualified retirement plans. If loan distributions are permitted, there are a few details that participants should be aware of when deciding whether to take a loan distribution to meet short-term financial needs.
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When determining if an employee has met a qualified plan’s minimum age and service requirements, many employers first verify the employee’s age and whether the employee has met the service requirement by counting the actual hours worked or by using the hours equivalency or elapsed time methods for determining service.
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Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.
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The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.
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The IRS has announced the postponement of certain tax-related deadlines for victims of a water crisis in Mississippi.
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Was your dinner delivered to your front door last night or have you gotten a lift to the airport lately by using one of several app-based companies, such as Uber or Lyft? If so, welcome to the gig economy, where “side hustles” are no longer relegated to the sidelines but can be a way of life for many workers.
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Helping clients determine distribution options after a loved one dies may seem overwhelming, but there are a few simple questions that can guide you to the appropriate options if the individual had assets in an individual retirement arrangement (IRA) or an employer-sponsored retirement plan, such as a 401(k) plan or 403(b) plan.
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