Qualified plan loan offsets (QPLOs) give clients more time to repay most outstanding plan loans.
Read More
The holiday season is often called the most wonderful time of the year, but many self-employed individuals also call it the most stressful time of the year.
Read More
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. Here’s a guide to help you choose the correct code.
Read More
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.
Read More
The IRS will not enforce the 50 percent excess accumulation penalty tax for certain beneficiaries.
Read More
The Department of Labor’s Wage and Hour Division has once again released guidance on the definition of “employee.”
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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?”
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.
Read More