Some exceptions apply universally across both qualified retirement plans (QRPs) and individual retirement accounts (IRAs). Some exceptions, however, are unique to QRPs and some are unique to IRAs.
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Maximum annual HSA contributions will rise from $3,650 to $3,850 for those with self-only insurance coverage, and from $7,300 to $7,750 for those with family coverage.
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The IRS issued in late April a revised 2021 Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).
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Effective April 1, 2022, the maximum aggregate bankruptcy exemption amount for IRAs increased from $1,362,800 to $1,512,350.
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When the IRS released its highly anticipated proposed regulations related to required minimum distributions (RMDs) in late February, the 275-page document included a new interpretation of the 10-year rule for certain IRA and retirement plan beneficiaries.
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Maintaining a compliant IRA program can feel like a moving target for many financial organizations. Even if you feel confident in the checks and balances built into your daily IRA operations, mistakes happen. These errors can become costly, especially if the IRS comes calling with an audit.
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The U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022 (SSRA) by a 414-5 vote on March 29, 2022. H.R. 2954 (also commonly referred to as “SECURE 2.0”) contains over 50 retirement plan provisions—nearly double the number as the original Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.
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For earnings in a Roth IRA to be tax-free, a distribution must be “qualified.” Find out the differences between qualified and nonqualified Roth IRA distributions.
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There are three main types of correction programs under the IRS, collectively referred to as the Employee Plans Compliance Resolution System (EPCRS). These include the Self-Correction Program (SCP), Voluntary Correction Program (VCP), and Correction on Audit Program (Audit CAP).
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The IRS issued a news release on April 1, 2022, announcing the postponement of certain tax-related deadlines for victims of severe storms, flooding, and landslides in Puerto Rico.
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We have guidance regarding certain changes brought about by the SECURE Act. On February 23, 2022, the IRS released proposed regulations that revise the existing required minimum distribution (RMD) regulations and other related regulations.
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While most of your IRA beneficiaries will appreciate that they have inherited an IRA from a friend or loved one, others may be less than thrilled at the news. As an IRA administrator, you should know that everyone has the right to refuse an inheritance, including an IRA.
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Handling beneficiary distributions is one of the most complex facets of administering IRAs. Separating beneficiary assets as soon as you are notified of an IRA owner’s death may help your financial organization not only ensure that beneficiaries preserve their options but also stay compliant with year-of-death reporting requirements.
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HSAs are IRA-like accounts that are tax-favored and designed to cover medical expenses incurred by the HSA owner, the HSA owner’s spouse, and his dependents. So—how can HSAs help your clients?
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As your clients prepare their tax returns, you may find yourself receiving a barrage of tax reporting questions. Hopefully, here are the answers to some of your challenging questions during tax season.
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Plan sponsors should evaluate their plans for protected benefits when they make a discretionary amendment or when there is an acquisition or merger of plans.
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Final regulations entitled, Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500, issued by the Department of Labor’s Employee Benefits Security Administration (EBSA), have been received by the federal Office of Management and Budget (OMB).
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