Summary descriptions are soon due to employers that sponsor a SIMPLE IRA plan. Employers may look to your organization to find out what must be included. Be sure you understand the notice requirements.
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Life expectancy payments are minimum amounts that beneficiaries must withdraw annually from inherited IRAs. You may be asked to help calculate these payments. To do so, you’ll need to know when to use the recalculation method versus the nonrecalculation method.
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How do you know which beneficiary rules—the ones before the SECURE Act or after—to follow? Which beneficiary options are available if an IRA owner died in 2019 but the financial organization isn’t notified until 2020?
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Sally in Alabama.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
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IRS Notice 2020-68, issued earlier this month, provides more information about SECURE Act changes affecting retirement savings arrangements.
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The SECURE Act created an excise tax exception for qualified birth or adoption distributions—a way for your clients, beginning in 2020, to reduce some of the financial burden that comes with the birth or adoption of a child. Here’s what you need to know.
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With the changes made to beneficiary options by the SECURE Act, how are payments for successor beneficiaries determined when the original IRA owner died before 2020, versus in 2020 or after? How does the type of beneficiary affect the distribution options?
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The IRS has released proposed regulations to align its guidance with the statutory rules for providing more time for plan participants to roll over certain types of plan loan offsets.
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Long-awaited guidance from the IRS grants relief for those who took distributions that were intended to be 2020 RMDs—before the 2020 RMD waiver was granted—and requires IRA trustees and custodians to notify IRA owners that no RMD is due for 2020.
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The Congressional Research Service recently updated a previous report that it published on the solvency of the Social Security system. This data provides food for thought and takes the discussion out of the realm of speculation and hearsay.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of severe storms in Michigan and an earthquake in Utah.
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IRS Notice 2020-51 provides much-needed additional guidance—and some welcome relief—pertaining to the 2020 RMD waiver. It seems to answer some of the outstanding questions about the waiver that the CARES Act did not.
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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.
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These 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.
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IRS Notice 2020-50 provides greater clarity of the CARES Act provisions pertaining to coronavirus-related distributions and plan loan relief.
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Your 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.
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IRS 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.
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