Roughly one-third or more of private sector workers do not have access to a retirement plan at their place of employment. How the country might address this “coverage gap” is the subject of a study that examines the potential for reducing the coverage gap through several retirement plan design approaches.
Read MoreThe IRS issued news releases announcing the postponement of certain tax-related deadlines for both Texas and Louisiana victims of severe winter storms. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11.
Read MoreThe Department of Labor has proposed withdrawing the independent contractor rule, which has not yet taken effect. The rule’s intended purpose was to clarify the distinctions between an “employee” and an “independent contractor” for purposes of worker classification.
Read MoreWhat is a qualified plan loan offset? What is the qualified plan loan offset extended rollover period? How should we report a qualified plan loan offset?
Read MoreThe latest COVID-19 relief legislation comes in the form of the American Rescue Plan Act of 2021, signed into law on March 11. It contains a third round of direct payments to Americans, funding to help hard-hit industries, and many other provisions, including some that will affect health plans and defined benefit plans.
Read MoreThe IRS has released final regulations on computing unrelated business taxable income for a tax-exempt organization. While the guidance may affect a relatively small portion of tax-exempt retirement plans, for those plans that invest in certain types of assets, however, knowing the rules will be important.
Read MoreAre 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.
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