When the IRS released its highly anticipated proposed regulations related to required minimum distributions (RMDs) in late February, the 275-page document included a new interpretation of the 10-year rule for certain IRA and retirement plan beneficiaries.
Read MoreMaintaining a compliant IRA program can feel like a moving target for many financial organizations. Even if you feel confident in the checks and balances built into your daily IRA operations, mistakes happen. These errors can become costly, especially if the IRS comes calling with an audit.
Read MoreFor earnings in a Roth IRA to be tax-free, a distribution must be “qualified.” Find out the differences between qualified and nonqualified Roth IRA distributions.
Read MoreThe IRS issued a news release on April 1, 2022, announcing the postponement of certain tax-related deadlines for victims of severe storms, flooding, and landslides in Puerto Rico.
Read MoreWe 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 MoreWhile 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 MoreHandling 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 MoreAs 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 MoreThe 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 MoreIn 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 MoreAscensus 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 MoreThe 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 MoreSeveral 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 MoreIf 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 MoreMost 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 MoreA 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 MoreThe IRS announced that the filing deadline for 2021 tax returns or requests for extension is April 18, 2022, for most taxpayers.
Read MoreIn 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.
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