Recent IRS guidance addresses reporting and withholding issues related to escheatment of retirement plan assets. This guidance also adds receipt of escheated funds to the list of approved reasons for individuals to self-certify that they qualify for the 60-day rollover waiver.
Read MoreOne 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. We’ve called out each distribution code that may apply and explained when to use each.
Read MoreThe IRS released the 2021 IRA and retirement savings plan limitations in late October. Several limitations will increase for 2021.
Read MoreIntended to encourage charitable giving, a qualified charitable distribution is an IRA withdrawal that is paid to a qualifying charitable organization, and—if conditions are met—will be tax-free to the giver.
Read MoreOften, a beneficiary designation mistake is not discovered until the IRA owner has died and it’s too late to correct it. This can result in payment to an unintended beneficiary, additional tax and legal expenses, and reputational risk to your organization. Learn how to avoid the most common beneficiary designation mistakes.
Read MoreAlthough conversions and recharacterizations are fairly common, many who work with IRAs don’t fully understand how they work. We’ll clear up some common misconceptions about these two types of transactions.
Read MoreThe IRS issued final regulations updating its life expectancy tables, which are used for calculating required payments from retirement savings arrangements. The new tables are to be used for distributions required in 2022 and later years.
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Delta.
Read MoreThe IRS updated a previously-issued extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
Read MoreSummary 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.
Read MoreLife 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.
Read MoreHow 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?
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Sally in Alabama.
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
Read MoreIRS Notice 2020-68, issued earlier this month, provides more information about SECURE Act changes affecting retirement savings arrangements.
Read MoreThe 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.
Read MoreWith 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?
Read MoreThe 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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