With the growing number of baby boomer Traditional IRA owners turning age 70½ and older, it’s time to refine your RMD procedures and ensure that you and your IRA clients understand the RMD rules.
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Don’t be caught off guard with these tax reform changes from the Tax Cuts and Jobs Act and Bipartisan Budget Act that take effect January 1, 2019.
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The IRS recently released the 2019 cost-of-living adjustments. Many key IRA and retirement plan limits were increased for 2019.
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October 15 has come and gone—and with it, the ability for IRA owners to correct 2017 IRA excess contributions without penalty. Now they must pay the penalty and still correct the excess using one of two options.
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The House of Representatives has passed the Protecting Family and Small Business Tax Cuts Act of 2018. This is the third and final bill in the Tax Reform 2.0 package considered in the House.
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On September 27, 2018, the House of Representatives passed the Family Savings Act of 2018, legislation that would make many significant changes to retirement and other tax-favored savings arrangements. Passage by the Senate is uncertain.
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As the end of another plan year approaches, it may be time for an employer to evaluate whether current plan provisions still fit the employer’s situation and objectives. After giving thoughtful consideration to several factors, the employer may want to amend for certain plan design changes.
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Most small 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 owner-only 401(k) plans stack up.
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HSAs and health FSAs are both used to save and pay for qualified medical expenses with the potential benefit of tax-free distributions. So how do they actually differ from each other?
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What is a qualified HSA funding distribution and how much can be distributed? Can a qualified HSA funding distribution help satisfy an RMD? What is a testing period?
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What is the top heavy test and who is a key employee? What if a plan is deemed top-heavy? What are top-heavy minimum contributions?
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Tax Reform 2.0, if enacted by Congress, would make significant changes to tax-advantaged savings arrangements. The House may vote on this legislation by the end of September.
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President Trump issued an Executive Order directing the Secretaries of Labor and Treasury—and the agencies they lead—to review and consider ways to revise several important provisions pertaining to retirement savings plans.
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Understanding how the September 30 designation date applies to beneficiary distributions is key to handling payments to beneficiaries so as not to wrongly pay out these accounts after an IRA owner or plan participant dies.
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Recharacterizations of conversions and retirement plan-to-Roth IRA rollovers are soon to be a thing of the past. Making clients aware of this change before they convert or roll over could lessen any regret or frustration with these transactions later.
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In response to the growing financial crisis of outstanding student loan debt, some employers have found a way to help employees pay off their student loan debt and save for retirement.
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When it comes to your HSA business, be careful not to overlook your generation X clients, as most own an HSA. Knowing their generational traits may be helpful in marketing to this particular group of consumers.
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What is the difference between a qualified and a nonqualified distribution from a Coverdell ESA? Does a penalty tax apply to a nonqualified distribution?
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