The CARES Act, along with DOL loan relief guidance, briefly relaxes the qualified retirement plan loan regulations related to maximum loan amount, repayment, and rollover deadlines.
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How does the recently added safe harbor hardship distribution reason apply for an individual who has been affected by a federally declared disaster? What tax relief is available for retirement plan disaster distributions?
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The DOL’s final regulations on default electronic delivery of retirement plan disclosures may make it easier for plan administrators to electronically deliver certain required disclosures to participants and beneficiaries in ERISA-covered plans.
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The IRS just released the 2021 HSA inflation-adjusted amounts for HSAs. While the contribution and out-of-pocket limits increased, minimum deductible amounts remain the same.
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Earlier this month, the IRS issued guidance in question-and-answer format on the special IRA and retirement plan relief granted in the CARES Act. The guidance summarizes the special relief to IRA owners and retirement plan participants and, in some cases, provides new and clarifying information.
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Thanks to the CARES Act, savers can use their HSAs to purchase over-the-counter drugs and medications without a prescription—a welcome change for many of your HSA clients.
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Find out how the 2020 RMD waiver applies to IRAs and defined contribution plans, pertaining to both account owners and beneficiaries—and how the rollover rules may be affected.
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The end of May is normally when the previous year’s IRS Form 5498 is due. But for 2019, the deadline has been moved to July 15. Here’s a run-down of what exactly needs to be entered in each box.
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Do all nonspouse beneficiaries have to use the 10-year rule? Are there benefits to the 10-year rule? Are there any special distinctions about the 10-year rule to be aware of?
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What is the 403(b) plan restatement? What is the deadline for restating 403(b) plan documents? What if an employer is unable to restate its 403(b) document timely?
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In response to the coronavirus pandemic, the IRS has extended several time-sensitive, tax-related deadlines. IRS Notices 2020-17, 2020-18, and 2020-23 address specific actions that a taxpayer or entity has until July 15, 2020, to complete.
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The CARES Act, signed into law March 27, is designed to assist the millions of Americans affected by the coronavirus (COVID-19) outbreak. The legislation has multiple provisions that affect retirement and health savings arrangements.
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In addition to recent legislation that requires health insurance providers to cover COVID-19 testing without charge, IRS Notice 2020-15 will allow high deductible health plans to cover COVID-19 diagnostic testing and associated treatment costs without jeopardizing an HSA owner’s contribution eligibility.
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What is the new 10-year rule for beneficiary distributions? Who is subject to the 10-year rule? Is the required beginning date still important? Are the options different for an estate?
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What is the deadline for an employer to establish a qualified retirement plan? Can an employer establish a plan in 2020 for the 2019 plan year? If an employer establishes a plan for the prior year, can elective deferrals be contributed for that prior year?
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IRS Notice 2020-15 addresses testing and treatment of COVID-19 as it pertains to HSA contribution eligibility.
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One of the most significant changes affecting IRAs as a result of the SECURE Act is the repeal of the age limit on Traditional IRA contributions. Effective for 2020 and later taxable years, individuals of any age can make Traditional IRA contributions, if they have eligible compensation.
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In response to storms in Tennessee, the IRS is allowing an extension of time for affected residents to complete certain time-sensitive tax-related acts.
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