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?
Read More
The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Sally in Alabama.
Read More
The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
Read More
IRS Notice 2020-68, issued earlier this month, provides more information about SECURE Act changes affecting retirement savings arrangements.
Read More
The SECURE Act created an excise tax exception for qualified birth or adoption distributions—a way for your clients, beginning in 2020, to reduce some of the financial burden that comes with the birth or adoption of a child. Here’s what you need to know.
Read More
With benefits enrollment season soon underway, your organization may see an uptick during this time of year in potential clients who are looking to set up HSAs. Be ready to assist them—and your staff—by knowing and understanding the requirements for establishing an HSA.
Read More
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?
Read More
The IRS has released proposed regulations to align its guidance with the statutory rules for providing more time for plan participants to roll over certain types of plan loan offsets.
Read More
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?
Read More
Long-awaited guidance from the IRS grants relief for those who took distributions that were intended to be 2020 RMDs—before the 2020 RMD waiver was granted—and requires IRA trustees and custodians to notify IRA owners that no RMD is due for 2020.
Read More
As a new school year begins, your organization may notice an uptick in questions from clients about distributions from Coverdell education savings accounts. Here are the answers to five of the more common questions you may hear.
Read More
Qualified retirement plans—including profit sharing, money purchase, and 401(k) plans—receive special tax benefits by meeting the requirements set forth by the IRS. Employers or plan sponsors are responsible for restating their plan documents to avoid a plan qualification failure.
Read More
When an HSA owner turns 65, must the entire HSA be distributed? Can an HSA owner who is 65 or older use HSA assets to pay Medicare premiums? What happens if an HSA owner age 65 or older uses HSA assets for nonqualified expenses?
Read More
The Congressional Research Service recently updated a previous report that it published on the solvency of the Social Security system. This data provides food for thought and takes the discussion out of the realm of speculation and hearsay.
Read More
The IRS has released a notice of proposed rulemaking that pertains to rollover rules for qualified plan loan offset amounts. There will be a 45-day comment period after publication in the Federal Register.
Read More
The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of severe storms in Michigan and an earthquake in Utah.
Read More
IRS Notice 2020-51 provides much-needed additional guidance—and some welcome relief—pertaining to the 2020 RMD waiver. It seems to answer some of the outstanding questions about the waiver that the CARES Act did not.
Read More
The DOL recently issued investment advice guidance to replace the guidance struck down in 2018 by the United States Court of Appeals for the Fifth Circuit. This latest guidance package includes a proposed prohibited transaction class exemption and a technical amendment to DOL Regulations 2509 and 2510.
Read More