Although conversions and recharacterizations are fairly common, many who work with IRAs don’t fully understand how they work. We’ll clear up some common misconceptions about these two types of transactions.
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The IRS issued final regulations updating its life expectancy tables, which are used for calculating required payments from retirement savings arrangements. The new tables are to be used for distributions required in 2022 and later years.
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Can HSA owners repay mistaken distributions from their HSAs? When HSA owners use their HSA assets for nonqualified expenses, are those considered mistaken distributions? What options do they have for correcting these?
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Delta.
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The IRS updated a previously-issued extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
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When designing an employer-sponsored retirement plan that uses the new comparability profit sharing contribution allocation formula, your employer clients may want to consider ways to make the formula work better.
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Summary descriptions are soon due to employers that sponsor a SIMPLE IRA plan. Employers may look to your organization to find out what must be included. Be sure you understand the notice requirements.
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It’s been nearly seven months since the CARES Act was enacted. Those in the retirement industry are starting to wonder just how effective the relief has been for those in financial need and how much momentum in retirement savings might yet be lost to coronavirus-related distributions and loans.
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Life expectancy payments are minimum amounts that beneficiaries must withdraw annually from inherited IRAs. You may be asked to help calculate these payments. To do so, you’ll need to know when to use the recalculation method versus the nonrecalculation method.
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How do you know which beneficiary rules—the ones before the SECURE Act or after—to follow? Which beneficiary options are available if an IRA owner died in 2019 but the financial organization isn’t notified until 2020?
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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?
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Sally in Alabama.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of California wildfires.
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IRS Notice 2020-68, issued earlier this month, provides more information about SECURE Act changes affecting retirement savings arrangements.
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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.
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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.
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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?
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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.
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