The DOL recently issued investment advice guidance to replace the guidance struck down in 2018 by the United States Court of Appeals for the Fifth Circuit. This latest guidance package includes a proposed prohibited transaction class exemption and a technical amendment to DOL Regulations 2509 and 2510.
Read MoreThese days, IRA owners may be noticing a drop in their IRA balances. While discouraging, it might be an opportunity to convert to a Roth IRA. Be sure that you—and your clients—understand how a conversion works.
Read MoreIRS Notice 2020-50 provides greater clarity of the CARES Act provisions pertaining to coronavirus-related distributions and plan loan relief.
Read MoreYour organization is likely still receiving 2019 IRA or retirement plan contributions. Maybe you are even fielding questions about the deadline. Be sure that your clients are aware of the deadline extension—that they still have time to make contributions.
Read MoreIRS Notice 2020-35 provides more deadline relief in response to the COVID-19 pandemic. Most awaited was an extension for providing the Form 5498-series information returns for IRAs, HSAs, MSAs, and Coverdell ESAs.
Read MoreThe CARES Act grants tax-favored access to savings and provides a pathway to replenishing them later with coronavirus-related distributions.
Read MoreAre there any drawbacks to a spouse beneficiary under age 59½ treating an inherited IRA as her own? Can an IRA beneficiary with an IRA distribution check payable to him establish an inherited IRA? What do we do after mistakenly rolling over inherited 401(k) assets to a nonspouse beneficiary’s IRA?
Read MoreEarlier this month, the IRS issued guidance in question-and-answer format on the special IRA and retirement plan relief granted in the CARES Act. The guidance summarizes the special relief to IRA owners and retirement plan participants and, in some cases, provides new and clarifying information.
Read MoreFind out how the 2020 RMD waiver applies to IRAs and defined contribution plans, pertaining to both account owners and beneficiaries—and how the rollover rules may be affected.
Read MoreThe end of May is normally when the previous year’s IRS Form 5498 is due. But for 2019, the deadline has been moved to July 15. Here’s a run-down of what exactly needs to be entered in each box.
Read MoreDo all nonspouse beneficiaries have to use the 10-year rule? Are there benefits to the 10-year rule? Are there any special distinctions about the 10-year rule to be aware of?
Read MoreIn response to the coronavirus pandemic, the IRS has extended several time-sensitive, tax-related deadlines. IRS Notices 2020-17, 2020-18, and 2020-23 address specific actions that a taxpayer or entity has until July 15, 2020, to complete.
Read MoreThe CARES Act, signed into law March 27, is designed to assist the millions of Americans affected by the coronavirus (COVID-19) outbreak. The legislation has multiple provisions that affect retirement and health savings arrangements.
Read MoreWhat is the new 10-year rule for beneficiary distributions? Who is subject to the 10-year rule? Is the required beginning date still important? Are the options different for an estate?
Read MoreOne of the most significant changes affecting IRAs as a result of the SECURE Act is the repeal of the age limit on Traditional IRA contributions. Effective for 2020 and later taxable years, individuals of any age can make Traditional IRA contributions, if they have eligible compensation.
Read MoreIn response to storms in Tennessee, the IRS is allowing an extension of time for affected residents to complete certain time-sensitive tax-related acts.
Read MoreThe age when required minimum distributions must begin increased from 70½ to 72, starting in 2020. Find out who is affected by the change—and what it means for IRAs versus employer-sponsored retirement plans.
Read MoreWhen does the five-year waiting period start for purposes of a Roth IRA qualified distribution? If a Roth IRA owner has multiple Roth IRAs, does each account have its own five-year period? What happens to the five-year period when a Roth IRA owner dies?
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