IRS Revenue Procedure 2021-30 contains significant updates to the Employee Plans Compliance Resolution System used by employers to correct certain retirement plan qualification failures so that they can continue to maintain a tax-favored retirement plan. Learn more about the changes.
Read MoreThe IRS issued final regulations in June to help clarify the new mandatory 60-day postponement period for certain tax-related acts following a federally declared disaster. Learn more about the practical implications of the final regulations.
Read MoreThe IRS recently postponed certain tax-related deadlines for Michigan victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on June 25.
Read MoreConfused when it comes to determining beneficiary distribution options for IRAs and qualified retirement plans, especially after the SECURE Act? Since the SECURE Act changes became effective, beneficiary options depend on three primary factors. Be sure to consider all three before making any distributions to your IRA or retirement plan beneficiaries.
Read MorePart of maintaining a compliant IRA program is to amend your IRA documents when required. But what does it mean to amend? Why do you have to amend your IRA documents and when? How do you do it? Knowing the answers to those questions may be helpful when faced with what may seem like an overwhelming task.
Read MoreCan IRA owners who are age 72 or older and still working offset their required minimum distributions by the amount of IRA contributions they make? Do IRA owners now have to be age 72 or older to take qualified charitable distributions?
Read MoreWhat is an eligible rollover distribution? What are the tax consequences if an eligible rollover distribution is rolled over? Are there any eligible rollover distributions that may be rolled over beyond the 60-day window?
Read MoreThe IRS recently issued a revised 2020 Publication 590-B in which it clarifies its explanation of the 10-year rule beneficiary distribution option.
Read MoreWhen the IRS releases new IRA model documents, all IRA trustees, custodians, and issuers will most likely be required to amend to the new model document or to use the new IRS language in their prototype documents. Before that happens, consider reviewing your existing IRA plan agreement to ensure that it still makes sense for your organization.
Read MoreThe IRS recently postponed certain tax-related deadlines for West Virginia and Louisiana victims of severe storms. The tax relief pertains to various tax filing and payment deadlines that occurred starting on February 27 and May 17.
Read MoreThe IRS recently issued final regulations regarding the mandatory 60-day postponement of deadlines for certain time-sensitive, tax-related acts in circumstances of federally declared disasters.
Read MoreDoes a married plan participant need to obtain spousal consent when requesting a qualified retirement plan distribution? Do IRAs have the same spousal consent requirements? Do spousal consent requirements apply to plan participants joined in civil unions that aren’t defined as marriage?
Read MoreWhile the latest version of IRS Publication 590-B answered some outstanding questions brought about by the SECURE and CARES Acts, it also sparked some new questions.
Read MoreYou may have clients who ask if they can open an IRA for their minor child. The short answer is yes, their child can have an IRA. There are no minimum age limits on who can own an IRA. But there are some things you’ll need to know before opening an account for a minor.
Read MoreWith the IRS expected to release new IRA model documents soon, you may want to revisit the decision to use either the model document or a prototype document as your required IRA plan agreement. Knowing the difference between the model and prototype, and the pros and cons of both, may help determine which one is best for your organization.
Read MoreThe IRS recently postponed certain tax-related deadlines for Alabama, Kentucky, and Tennessee victims of severe storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 27 and March 25.
Read MoreThe DOL has issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption. The first piece contains a detailed set of FAQs for investment professionals and financial organizations. The second piece is written for retirement investors. Here are the main takeaways from this latest round of guidance.
Read MoreYou and your staff may be fielding questions from clients about whether coronavirus-related distributions are still available in 2021 or whether there’s an RMD waiver for 2021. Those two CARES Act provisions have ended, but some parts of the relief are still applicable.
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