We have guidance regarding certain changes brought about by the SECURE Act. On February 23, 2022, the IRS released proposed regulations that revise the existing required minimum distribution (RMD) regulations and other related regulations.
Read More
While most of your IRA beneficiaries will appreciate that they have inherited an IRA from a friend or loved one, others may be less than thrilled at the news. As an IRA administrator, you should know that everyone has the right to refuse an inheritance, including an IRA.
Read More
Handling beneficiary distributions is one of the most complex facets of administering IRAs. Separating beneficiary assets as soon as you are notified of an IRA owner’s death may help your financial organization not only ensure that beneficiaries preserve their options but also stay compliant with year-of-death reporting requirements.
Read More
As your clients prepare their tax returns, you may find yourself receiving a barrage of tax reporting questions. Hopefully, here are the answers to some of your challenging questions during tax season.
Read More
The Internal Revenue Service (IRS) has issued Announcement 2022-6, providing that effective March 14, 2022, and until further notice, the IRS will not accept applications for opinion letters on prototype IRAs (Traditional, Roth, and SIMPLE IRAs), SEP plans (including salary reduction SEPs (SAR-SEPs)), and SIMPLE IRA plans.
Read More
In 2021, Ascensus’ ERISA consultants fielded approximately 40,000 calls from our clients who subscribe to our 800 Consulting Lines. We asked our experienced IRA consultants what their trending IRA questions were last year and we compiled a list, along with their responses.
Read More
Ascensus consultants conduct compliance reviews throughout the country in order to help financial organizations recognize errors and identify ways to mitigate their risks. Here are some of the more common compliance mistakes that Ascensus consultants have discovered.
Read More
The first few months of each year usually bring an increased number of contributions for individual retirement arrangements (IRAs) and health savings accounts (HSAs). During this flurry of contribution activity, it’s important to make sure that your clients clearly designate the year that a contribution is for.
Read More
Several bills with provisions that would alter tax-advantaged savings arrangements have been introduced. If these provisions are approved, they represent important priorities for the House and Senate lawmakers responsible for their drafting and introduction.
Read More
If you’ve had difficulty locating the new life expectancy tables, you’re not alone. It’s recently become a common question fielded by ERISA consultants on Ascensus’ 800 Consulting service. You can find them all right here.
Read More
Most small- to mid-sized business owners and self-employed individuals want an employer-sponsored retirement plan that’s affordable and easy to administer. Find out how SEP, SIMPLE IRA, and Individual(k) plans stack up.
Read More
A new IRS withholding form released in 2022 means that payers and individuals will have a new process for calculating and electing federal income tax withholding on retirement distributions. Although the IRS will not require payers to use the new and revised forms until January 1, 2023, payers may start using them in 2022.
Read More
The IRS announced that the filing deadline for 2021 tax returns or requests for extension is April 18, 2022, for most taxpayers.
Read More
In early January, the IRS issued a news release announcing the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in Colorado. The IRS also issued a news release in mid-January announcing the postponement of certain tax-related deadlines for victims of flooding and mudslides in Washington.
Read More
Financial organizations that administer IRAs, health savings accounts (HSAs), and Coverdell education savings accounts (ESA) have many reporting deadlines looming ahead in 2022. Here’s a rundown of the impending due dates in the first quarter.
Read More
The one-per-12-month IRA rollover rules were radically revised in 2014 as a result of a U.S. Tax Court decision, restricting rollovers to individuals rather than to IRAs. A real-life case study of a one-per-12-month rollover rule violation taken directly from our IRA consulting lines demonstrates how to protect your financial organization while helping your clients.
Read More
Last month the U.S. House of Representatives passed H.R. 5376, the Build Back Better Act (“BBB Act” or “the Act”). Following quickly on the heels of the Infrastructure Investment and Jobs Act, the BBB Act contains several retirement and benefits provisions that may affect financial organizations, service providers, and consumers. This bill has gone through numerous revisions as it made its journey to the House floor for a vote. It will now go to the Senate, which will likely make further revisions.
Read More
A simplified employee pension (SEP) plan offers many advantages not available with qualified retirement plans. Even though a SEP plan may be easier for an employer to maintain, questions from both employers and employees still arise.
Read More