The back-to-school season may be a good time to remind clients that a Coverdell ESA is an easy, affordable way for them to begin saving to help pay for education expenses—and to answer any questions they may have.
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If you offer retirement plans for employers, you have the opportunity to serve as a valuable resource for employers looking to better communicate with employees about increasing their plan participation.
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How are beneficiary payouts affected when a primary beneficiary dies after the IRA owner? How about when a primary beneficiary dies before the IRA owner?
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What is the new comparability profit sharing formula? Find out how an employee’s compensation, plan document provisions, and changes in the employer’s workforce affect the calculation.
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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.
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A 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.
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Are 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.
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The 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.
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Can 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?
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Can 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?
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The 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.
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Like 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.
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Banks 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.
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Can 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?
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The 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.
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The 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.
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What is a forfeiture account in a qualified retirement plan and how can the employer use forfeiture account funds?
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The 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.
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