What are the different roles commonly seen on a Coverdell ESA application? When can the designated beneficiary of an ESA be changed? When can the responsible individual of an ESA be changed?
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What is a summary plan description? When must it be given and to whom? Can it be delivered electronically? What are the consequences of not providing one?
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An employer generally cannot recoup contributions it made to an employee’s HSA. But there are certain circumstances in which the IRS does allow an employer to recoup, or recover, contributions.
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Making a retirement plan a safe harbor plan is another way for a plan to pass its ADP testing. What did the SECURE Act change to allow for this option? Are there requirements or restrictions to be aware of?
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Is your organization responsible for ensuring that family members do not contribute more than the annual contribution limit to a Coverdell ESA? Can you accept ESA contributions on the child’s 18th birthday? How are ESA contributions reported and what is the reporting deadline?
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What is a qualified plan loan offset? What is the qualified plan loan offset extended rollover period? How should we report a qualified plan loan offset?
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How does your client determine whether Traditional IRA contributions are deductible? What options does your client have when Traditional IRA contributions are partially deductible? Are there special considerations for IRA owners age 70½ or older?
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What is a prohibited transaction under ERISA? What penalties are imposed under ERISA involving prohibited transactions? Are there any exceptions to the prohibited transaction rules?
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When an IRA is forgotten or abandoned, it can prove problematic from an administrative perspective for IRA custodians, trustees, and issuers. What can these organizations do when this occurs? Can they legally “shed” these IRAs that are owned by unresponsive individuals?
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What is a prohibited transaction? Who is a disqualified person? What are the consequences of a prohibited transaction? How is a prohibited transaction corrected?
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Can an IRA owner roll over a distributed 2020 RMD? Does an IRA beneficiary have to satisfy a year-of-death RMD for 2020? Does an IRA owner have to take an RMD for 2020—despite the waiver—before converting to a Roth IRA in 2020?
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How much can be contributed each year to a plan participant’s account? What happens if a plan participant exceeds the annual additions limit? What can an employer do to help avoid exceeding the annual additions limit?
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Can HSA owners repay mistaken distributions from their HSAs? When HSA owners use their HSA assets for nonqualified expenses, are those considered mistaken distributions? What options do they have for correcting these?
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When designing an employer-sponsored retirement plan that uses the new comparability profit sharing contribution allocation formula, your employer clients may want to consider ways to make the formula work better.
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How do you know which beneficiary rules—the ones before the SECURE Act or after—to follow? Which beneficiary options are available if an IRA owner died in 2019 but the financial organization isn’t notified until 2020?
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How quickly must retirement plan sponsors deposit participant contributions? What are the consequences for late participant contributions? Has the DOL made any changes to its deposit requirements in response to the COVID-19 pandemic?
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With the changes made to beneficiary options by the SECURE Act, how are payments for successor beneficiaries determined when the original IRA owner died before 2020, versus in 2020 or after? How does the type of beneficiary affect the distribution options?
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Can plan-related fees and expenses be paid out of a qualified retirement plan? Which plan account balances may be used to pay plan-related fees? Can a mandatory amendment or restatement fee be paid out of plan assets?
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