The IRS recently issued two news releases announcing the postponement of certain tax-related deadlines for Connecticut and Mississippi victims of Hurricane Ida.
Read More
The SECURE Act changed many aspects that IRA and qualified retirement plan beneficiaries need to consider, making the administration of beneficiary distributions more complex. One aspect that is straightforward, however, is the distribution options for a successor beneficiary.
When it comes to satisfying a year-of-death RMD, missing or unresponsive beneficiaries may complicate matters. Consider what to do when there are multiple beneficiaries and one is unresponsive—how should the RMD be handled? While there may be no satisfactory answer or clear guidance, it’s worth considering the options.
Are IRA owners always allowed to waive federal withholding on IRA distributions? What are the withholding requirements for nonresident aliens? Do the withholding rules apply to Roth IRA distributions?
Read More
The Social Security Administration recently announced the 2022 cost-of-living adjustments for certain benefits. Included is the taxable wage base increase from 2021.
Read More
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 More
There 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 More
What 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 More
The IRS recently issued several news releases announcing the postponement of certain tax-related deadlines for victims of various storms and wildfires.
Read More
Is 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 More
The 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 More
What 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 More
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 More
The 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 More
The 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 More
Confused 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 More
Part 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 More
Can 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 More