The IRS has indicated that it plans to release new IRA model documents for each type of IRA. When that happens, all IRA trustees, custodians, and issuers will be required to use either the new model documents or the new listing of required modifications if using a prototype document.
Read MoreAn employer generally cannot recoup contributions it made to an employee’s HSA. But there are certain circumstances in which the IRS does allow an employer to recoup, or recover, contributions.
Read MoreThe DOL issued two pieces of guidance on its new fiduciary advice prohibited transaction exemption, PTE 2020-02. One is intended to educate retirement savers about considerations when choosing a potential advisor, and the other is a detailed set of frequently asked questions.
Read MoreMaking a retirement plan a safe harbor plan is another way for a plan to pass its ADP testing. What did the SECURE Act change to allow for this option? Are there requirements or restrictions to be aware of?
Read MoreFind out when it’s okay and when it’s not okay to accept prior-year contributions that are mailed to your organization or deposited through an ACH payment after the contribution deadline.
Read MoreIf your financial organization administers IRAs or HSAs, it’s responsible for reporting the contributions made to these accounts to account owners and to the IRS annually by May 31. Find out how to complete this type of reporting on Forms 5498 and 5498-SA.
Read MoreIs your organization responsible for ensuring that family members do not contribute more than the annual contribution limit to a Coverdell ESA? Can you accept ESA contributions on the child’s 18th birthday? How are ESA contributions reported and what is the reporting deadline?
Read MoreThe IRS has indicated that Form W-4P will be split into two forms: one for periodic pension or annuity payments and the other—a new form—for nonperiodic payments. Early release of the 2022 draft versions of these forms are now available.
Read MoreRoughly 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.
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