Incorrectly reporting HSA transactions may cause the IRS to pay more attention to your organization (and not in a good way). To prevent being audited and potentially penalized by the IRS, it’s important that you and your staff understand the HSA reporting requirements—including when not to report certain transactions.
Read MoreA substantial percentage of small businesses do not offer a retirement plan. Many small business owners perceive setting up and running a retirement plan to be complicated and daunting. But they may not be aware of the SIMPLE IRA plan and how it is generally easier and less expensive to maintain.
Read MoreAre your business owner clients and their employees getting the most out of their retirement plans? You can provide good customer service by suggesting that your clients become more familiar with the benefits of increased plan participation.
Read MoreThe DOL has issued final regulations on multiple employer plans, under which more than one employer may be treated as a single employer for purposes of retirement plan participation.
Read MoreCan an IRA owner roll over more than one distribution into an IRA in one year? If not, is there another way to retain the assets in a retirement account? What is the 12-month period for purposes of the one-per-12-month rule?
Read MoreCan employees make up missed contributions to an employer-sponsored retirement plan for the time they were called to active military duty? Can a plan sponsor adopt special distribution options for employees called to active military duty? Are there special allowances for loan repayments for an employee called to active military duty?
Read MoreThe IRS has expanded the term “preventive” to include treatments for certain chronic health conditions. Such treatments can be covered by a health insurance plan without first meeting the minimum deductibles generally required of high deductible health plans for HSA contribution eligibility purposes.
Read MoreLike many low- to moderate-income Americans, many of your clients may struggle to pay for financial emergencies. A Roth IRA not only serves to supplement retirement income, but is also a great resource to draw from for unexpected expenses.
Read MoreBanks and credit unions can connect with small employers by offering a retirement savings plan suited for small businesses, such as a SEP plan. A SEP plan has many of the same advantages of other employer-sponsored retirement plans, but generally is easier and less expensive to maintain.
Read MoreCan an individual’s HSA assets be used to pay for her spouse’s medical expenses if the spouse does not have an HSA? Can an HSA owner who is no longer covered under an HDHP still use HSA assets to pay for qualified medical expenses?
Read MoreThe U.S. Government Accountability Office recommends that the IRS and the Department of Labor establish a collaborative means of overseeing and managing prohibited transaction exemptions.
Read MoreThe IRS has issued proposed regulations on multiple employer plans. One key revision provides that a compliance failure on the part of one employer will not jeopardize the entire MEP.
Read MoreWhat is a forfeiture account in a qualified retirement plan and how can the employer use forfeiture account funds?
Read MoreThe Securities and Exchange Commission recently released a guidance package for broker-dealers and investment advisers who provide investment recommendations and investment advisory services to clients. The guidance clarifies the standard of conduct for investment advisers.
Read MoreThe Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 passed the House of Representatives. The Senate will now take up a similar bill—the Retirement Enhancement and Savings Act of 2019, or RESA. SECURE and RESA would make many significant changes to the retirement savings landscape.
Read MoreThe HSA contribution limits for 2020 are increasing. IRS Revenue Procedure 2019-25 provides the HSA inflation-adjusted limitations for calendar year 2020.
Read MoreIRA rules can be difficult for IRA owners to understand, and even more confusing to their beneficiaries. As an IRA trustee, custodian, or issuer, you can help lessen the confusion that surrounds beneficiary distribution options.
Read MoreWhether you’re a seasoned HSA expert or a novice, certain HSA questions may take you by surprise. Knowing how to answer common HSA questions about HSA eligibility, contribution limits, and distributions will help you better serve your clients.
Read More
