A simplified employee pension (SEP) plan offers many advantages not available with qualified retirement plans. Even though a SEP plan may be easier for an employer to maintain, questions from both employers and employees still arise.
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When each spouse owns 100 percent of their own business, are their businesses considered separate employers or a single employer for qualified retirement plan purposes? What situations involving spouses could cause businesses to be treated as a single employer?
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One of the most difficult aspects of reporting IRA and qualified retirement plan distributions is determining the proper distribution codes to enter in Box 7 on IRS Form 1099-R. Consider some common distribution scenarios to learn which code applies and why.
The IRS released the 2022 IRA and retirement savings plan limitations in early November. Most limitations will increase for 2022.
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The IRS recently released a new draft of Form W-4R and of Form W-4P, in which the IRS indicates that it will not require use of the redesigned Form W-4P and the new Form W-4R to meet federal withholding requirements until January 1, 2023.
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What is separate accounting? How are IRA assets moved to separate accounts? Is there a deadline to establish separate accounts? Who is a designated beneficiary and why is knowing that important?
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Offering alternative investment options may be one way to attract and retain IRA clients with large balances. If your organization does offer alternative investments, either directly or through an outplacement relationship, it may face challenges in accommodating your clients’ hard-to-value assets.
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The Department of Labor recently released guidance extending the transitional relief and non-enforcement guidance related to investment advice fiduciaries who work diligently and in good faith to comply with Impartial Conduct Standards.
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The IRS recently issued two news releases announcing the postponement of certain tax-related deadlines for Connecticut and Mississippi victims of Hurricane Ida.
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What is the difference between ERISA and non-ERISA 403(b) plans? Does ERISA apply to the 403(b) plans established by religious organizations? What are the implications of being subject to Title I of ERISA?
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The SECURE Act changed many aspects that IRA and qualified retirement plan beneficiaries need to consider, making the administration of beneficiary distributions more complex. One aspect that is straightforward, however, is the distribution options for a successor beneficiary.
When it comes to satisfying a year-of-death RMD, missing or unresponsive beneficiaries may complicate matters. Consider what to do when there are multiple beneficiaries and one is unresponsive—how should the RMD be handled? While there may be no satisfactory answer or clear guidance, it’s worth considering the options.
As benefits enrollment season fast approaches, you may see an increase in new clients looking to set up HSAs. Now may be a perfect time for you and your staff members to brush up on your HSA knowledge, especially when it comes to understanding HSA eligibility.
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Are IRA owners always allowed to waive federal withholding on IRA distributions? What are the withholding requirements for nonresident aliens? Do the withholding rules apply to Roth IRA distributions?
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What is vesting as it relates to a defined contribution retirement plan? How is vesting applied in defined contribution retirement plans? What are the possible vesting schedules?
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The Social Security Administration recently announced the 2022 cost-of-living adjustments for certain benefits. Included is the taxable wage base increase from 2021.
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If you have clients who own an HSA, they may have questions about using their HSA money to pay or reimburse themselves for medical expenses that they’ve incurred. Do they understand the tax advantages—and any tax consequences—of HSA distributions? Educating your clients about HSA distributions can help them get the most from their HSA savings.
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An invalid IRA-to-IRA rollover can be a costly mistake for your client—and a headache for your organization as it works to maintain compliance and to correctly report the transaction. Keep in mind these rules before accepting a rollover contribution.
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