What 2021 will bring is yet to be determined. There is optimism, however, that one or more retirement or health savings-focused bills could be enacted in 2021. Several that were introduced during the past two years will likely be re-introduced in the 117th Congress.
Read MoreThe Consolidated Appropriations Act, 2021, was signed on December 27, 2020. Although there is no broad employee benefit relief, the Act contains some provisions—coronavirus- and non-coronavirus-related—that pertain to retirement and health savings plans.
Read MoreThose who fail to complete a rollover within the required 60-day timeframe may wonder if there’s any relief from the 60-day limitation. In certain circumstances, the IRS does provide some relief—an extension, more or less—in the form of a written self-certification.
Read MoreWhen an IRA is forgotten or abandoned, it can prove problematic from an administrative perspective for IRA custodians, trustees, and issuers. What can these organizations do when this occurs? Can they legally “shed” these IRAs that are owned by unresponsive individuals?
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Zeta.
Read MoreIRA, retirement plan, and HSA distributions must be reported to account owners and to the IRS by January 31. Follow these charts to be sure that the required distribution information is being entered correctly.
Read MoreCan an IRA owner roll over a distributed 2020 RMD? Does an IRA beneficiary have to satisfy a year-of-death RMD for 2020? Does an IRA owner have to take an RMD for 2020—despite the waiver—before converting to a Roth IRA in 2020?
Read MoreThe DOL issued a new prohibited transaction exemption that maintains the impartial conduct standard in effect since 2018 for financial advisors and retail investors to adhere to.
Read MoreThe IRS recently published final regulations updating the life expectancy tables that are used for required minimum distributions and other purposes. Although not applicable until 2022, find out how the new life expectancy figures may affect your clients so your organization can prepare to accommodate its administrative system for the changes.
Read MoreRecent 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.
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