The introduction of code Y has brought up a lot of questions. Here’s what we know so far, and what information we hope to see by the end of the year.
Read MoreThe One Big Beautiful Bill Act (OBBBA), passed by Congress on July 3, 2025, introduces several significant changes aimed at enhancing retirement savings options and financial security for individuals. Here are the key provisions that retirement savers should be aware of.
Read MoreIronically, given their official name, SIMPLE IRA plans have a number of elements that are anything but simple. Congress has altered the governing rules from time to time over the last three decades. As a result, some would say that SIMPLE IRA plans—while still a fine small employer plan option—are getting less and less simple.
Read MoreWhen clients bring inherited IRAs from other financial organizations to yours, your team must know which information to collect in order to ensure a smooth transition.
Read MoreNo one wants to be caught unprepared by an IRS audit. Because the best defense is a good offense, here are some tips and tricks to review your own files so you can learn what areas may need your attention.
Read MoreWhen an IRA owner dies, the assets are distributed to beneficiaries, whether named by the IRA owner or determined by IRA document defaults. This can sometimes be a complicated process for financial organizations. And further complications may arise when the original beneficiary dies, leaving the inherited IRA to a successor beneficiary.
Read MoreEveryone loves a good summer to-do list and we’re here to help. It’s the perfect time to survey your IRA department and see how you’re doing and what can be improved or implemented.
Read MoreJust like Traditional IRA owners, an individual with a SEP plan can delay taking his first RMD until April 1 of the year after he attains age 73. This date is known as the required beginning date (RBD). But remember—if the SEP plan owner or participating employee delays taking his first RMD until the following year, he will need to take out two RMDs in the same year: the RMD for year one and the RMD for year two.
Read MoreAs your financial organization prepares to file Form 5498, IRA Contribution Information, to the IRS and send copies to your clients, it is a great time to familiarize yourself with what the form reports.
Read MoreBuried within the newly released 2025 Form 1099-R instructions is a reporting change you may have missed, but one that is important to know about if you work with IRAs.
Read MoreIRAs and qualified retirement plans (QRPs) are intended to be used for retirement. Therefore, the tax laws and regulations encourage people to leave their money in an IRA or QRP until they retire. If distributions are taken from an IRA (including an IRA holding SEP contributions) or QRP before the account owner reaches age 59½, a 10 percent early distribution penalty tax is assessed on the taxable amount of the distribution, unless a penalty tax exception applies.
Read MorePower of attorney (POA) legal arrangements are becoming a prevalent tool that retirees use to manage their finances—including their IRA assets. Under such an arrangement, an individual—including an IRA owner—may grant to another the legal authority to act on his behalf in financial or other matters. To reduce liability, financial organizations should create a process for reviewing, accepting, and responding to a POA.
Read MoreIf a client has received an extension to file his taxes, he may believe that he has an extension to make a prior-year contribution. It is important to understand that a tax filing extension is not an extension to make a prior-year IRA contribution: it is only an extension to file the tax return. But other postponements may apply to some of your clients.
Read MoreThe SECURE Act—officially known as the Setting Every Community Up for Retirement Enhancement Act of 2019—made significant changes to IRA and retirement plan rules, including to the beneficiary payout options. One of the most noteworthy changes involves the 10-year rule, which requires a total distribution of inherited assets by December 31 of the year containing the 10th anniversary of the account owner’s death.
Read MoreThe prohibited transaction rules are in place to ensure that IRA transactions are managed in a way that benefits the IRA itself in the long run, rather than providing short-term gains to the IRA owner.
Read MoreThe Treasury Department announced March 11, 2025, that it will not enforce penalties or fines associated with the beneficial ownership information reporting rule under existing regulatory deadlines pursuant to the Corporate Transparency Act (CTA).
Read MoreWith the arrival of a new year comes the availability of several SECURE 2.0 provisions that affect how workers can save for their retirement.
Read MoreFinal federal withholding regulations were released in Treasury Decision (TD) 10008 on October 21, 2024. They address withholding requirements for payments made outside the United States.
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