Are there any age restrictions to making an IRA contribution? Can a working spouse contribute to a retired spouse’s IRA? What are the IRA catch-up contribution rules? Can I contribute to a 401(k) plan and to a Traditional IRA? Here are answers to your common IRA contribution questions.
Read MoreWhat is a Sarbanes-Oxley blackout notice? What is a blackout period? What information must be included in the blackout notice? What are the potential consequences of not providing a timely blackout notice?
Read MoreOn December 20, 2023, the IRS released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.
Read MoreJanuary is rapidly approaching and with it comes the deadline for fair market value (FMV) statements. One of the most challenging IRA reporting requirements is FMV statement reporting for the IRA owner’s year of death.
Read MoreIf you’re new to qualified retirement plans, or simply need a refresher on these common terms in the retirement plan industry, we’ve got you covered.
Read MoreNaming a trust your IRA beneficiary is much less common than naming one or more persons, but it is not altogether rare. Unlike a will—which essentially only identifies who will receive a decedent’s assets—a trust can set conditions or limitations for receiving the assets and identifies one or more trustees to ensure that the decedent’s wishes expressed in the trust are carried out.
Read MoreThe Internal Revenue Service (IRS) has released a proposed regulation reflecting statutory changes related to long-term, part-time (LTPT) employees made by the SECURE Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (SECURE 2.0).
Read MoreEligible employees must be given the opportunity to contribute deferrals or after-tax contributions, including catch up, for the period of military service.
Read MoreEscheat, which is the transference of unclaimed property to a government entity, is primarily governed by state laws. So each state has its own laws that set procedures and timelines for reporting and reverting unclaimed or abandoned property to the state. Each financial organization should determine and set its own procedures to properly report and pay out unclaimed accounts.
Read MoreThe IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
Read MoreThe Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the “Retirement Security Rule”).
Read MoreIRA-to-IRA rollovers are subject to the “one-per-12-month” restriction. Meaning that individuals may roll over only one IRA distribution during a 12-month period.
Read MoreThe top-heavy test in Internal Revenue Code Section (IRC Sec.) 416 compares the benefits that have accrued under the plan for key employees to those of nonkey employees.
Read MoreHalloween is just around the corner, but what may strike fear into the hearts of your staff may be greater than one night of goblins and ghouls. However, moving IRA assets from one IRA to another, or even to a different type of IRA, doesn’t have to be scary.
Read MoreHealth savings accounts (HSAs) will celebrate 20 years in 2024, and these tax-advantaged accounts are more popular than ever. However, there are some common misconceptions about HSAs that prevail, despite their growing popularity.
Read MoreIf it’s been a while since you’ve worked with Coverdell ESAs, here’s a refresher on the rules and your responsibilities when processing ESA distributions.
Read MoreUnlike the requirements for making annual IRA contributions, an individual is never required to have eligible compensation (i.e., earned income) in order to roll over retirement plan assets to an IRA, including a Roth IRA.
Read MoreA safe harbor 401(k) is a specific 401(k) retirement plan design that allows sponsoring employers to avoid certain compliance testing. Many aspects of 401(k) plans are subject to compliance testing to ensure that higher paid employees and owners don’t benefit from the plan disproportionately in comparison with the rank-and-file employees. Put another way, the plan’s provisions must not unduly discriminate in favor of owners and the highly paid.
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