Are your clients making decisions about their IRAs without a basic knowledge of the IRA rules and possible consequences or opportunities that may result? Here are some IRA questions that they may not think to ask but would want you to answer.
Read MoreAlthough your organization may not be equipped to provide individualized financial advice, you can share general information about the advantages and disadvantages of three common tax-advantaged savings accounts.
Read MoreHow does your client determine whether Traditional IRA contributions are deductible? What options does your client have when Traditional IRA contributions are partially deductible? Are there special considerations for IRA owners age 70½ or older?
Read MoreCerulli Associates recently released a report entitled U.S. Retirement Markets 2020. This article focuses on selected IRA and HSA findings from this report.
Read MoreProhibited Transaction Exemption 2020-02 outlines the factors that determine whether financial professionals are considered fiduciaries and gives clear guidance about how fiduciaries must comply with their responsibilities when providing investment services.
Read MoreThese regulations—when made final—may clarify the interplay between the new mandatory 60-day postponement rule and existing disaster relief. But practically, not much is likely to change. The IRS will continue to exercise its considerable authority to postpone tax-related deadlines. Postponements will generally continue to exceed 60 days. And individuals will still rely on the IRS to identify which disasters and tax-related items will qualify for deadline postponement.
Read MoreThe Department of Labor has proposed delaying the effective date of final regulations that would clarify the distinctions between an “employee” and an “independent contractor” for purposes of worker classification.
Read MoreWhat is a prohibited transaction under ERISA? What penalties are imposed under ERISA involving prohibited transactions? Are there any exceptions to the prohibited transaction rules?
Read MoreIRS final regulations giving retirement plan participants more time to roll over qualified plan loan offsets were released in December 2020.
Read MoreWhat 2021 will bring is yet to be determined. There is optimism, however, that one or more retirement or health savings-focused bills could be enacted in 2021. Several that were introduced during the past two years will likely be re-introduced in the 117th Congress.
Read MoreThe Consolidated Appropriations Act, 2021, was signed on December 27, 2020. Although there is no broad employee benefit relief, the Act contains some provisions—coronavirus- and non-coronavirus-related—that pertain to retirement and health savings plans.
Read MoreThose who fail to complete a rollover within the required 60-day timeframe may wonder if there’s any relief from the 60-day limitation. In certain circumstances, the IRS does provide some relief—an extension, more or less—in the form of a written self-certification.
Read MoreWhen an IRA is forgotten or abandoned, it can prove problematic from an administrative perspective for IRA custodians, trustees, and issuers. What can these organizations do when this occurs? Can they legally “shed” these IRAs that are owned by unresponsive individuals?
Read MoreThe year 2020 saw many employers hold off on starting a retirement plan. Now, as employers look to close their tax year, the goal of establishing a qualified retirement plan for 2020 may be something closer to the front of their minds. Thanks to the SECURE Act, they still have time to adopt a plan.
Read MoreThe Department of Labor released guidance to assist retirement plan fiduciaries in dealing with issues of missing or unresponsive participants. Issues typically involve terminating or abandoned plans, or terminated participants who have vested benefits remaining in a plan.
Read MoreWhat is a prohibited transaction? Who is a disqualified person? What are the consequences of a prohibited transaction? How is a prohibited transaction corrected?
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of Hurricane Zeta.
Read MoreIRA, retirement plan, and HSA distributions must be reported to account owners and to the IRS by January 31. Follow these charts to be sure that the required distribution information is being entered correctly.
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