An invalid IRA-to-IRA rollover can be a costly mistake for your client—and a headache for your organization as it works to maintain compliance and to correctly report the transaction. Keep in mind these rules before accepting a rollover contribution.
Read MoreThere are differences between how various retirement assets are treated in divorce. Qualified retirement plan assets can be distributed to a former spouse through a document known as a qualified domestic relations order. IRA assets subject to divorce proceedings are paid through a “transfer incident to divorce.”
Read MoreWhat should your clients do if an IRA-to-IRA transfer they’ve done is reported to the IRS? Are clients allowed to do prior-year conversions? Does an IRA-to-IRA rollover after a conversion of those same assets violate the one-per-12-month rule?
Read MoreThe IRS recently issued several news releases announcing the postponement of certain tax-related deadlines for victims of various storms and wildfires.
Read MoreIs your organization ready to use the updated life expectancy tables that will take effect on January 1? Last November, the IRS published final regulations that contained revised life expectancy tables. The updated distribution periods will generally provide smaller payment amounts than those calculated with the current tables.
Read MoreThe premature spending of retirement savings for purposes other than retirement is likely to cause many retirees to be inadequately prepared during retirement. The congressional Joint Committee on Taxation recently released a report estimating the extent to which retirement accumulations are currently “leaking” from tax-advantaged savings arrangements and why.
Read MoreWhat are beneficiary life expectancy payments and how are they calculated? Whose distribution period do we use? Are life expectancy payments an option for all beneficiaries?
Read MoreIRS 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 More
