In the financial services industry, compliance is key, and when it comes to IRAs, withholding notice requirements are one area you don’t want to overlook. If a financial organization is found to be noncompliant by the IRS for not following federal tax withholding requirements on IRA distributions, it can result in hefty penalties.
Read MoreBetween IRS rules, natural disaster extensions, and the new SECURE 2.0 Act provisions, understanding what should (and shouldn’t) be included on Form 5498 can save you and your team headaches down the road.
Read MoreIRA tax reporting can feel complicated at times, but with a little guidance, it doesn’t have to feel so daunting.
Read MoreWhether your financial organization has been offering IRAs forever or you’re newer to the game, giving your program a refresh can do wonders—not just for your clients, but for your team and for your long-term goals.
Read MoreWhen it comes to navigating financial products, like IRAs, retirement plans, or health savings accounts, even the savviest clients can feel overwhelmed. Your clients want straightforward information. That’s where consumer education comes in.
Read MoreGoing paperless in the workplace is no longer an option—it has become a necessity. As more financial organizations shift to paperless solutions, the benefits in terms of cost savings, time management, security, and environmental sustainability become undeniable. In this industry, the transition to digital processes is transforming the way our work is done.
Read MoreOn September 2, 1974, the Employee Retirement Income Security Act of 1974 (ERISA) was codified into our federal tax and labor laws. This landmark legislation revolutionized the management and regulation of employer-sponsored retirement plans, created Traditional IRAs that have provided incentives for all working Americans to save for retirement, and—with further legislative changes in the half-century since—has forever altered how Americans plan and save for retirement.
Read MoreThe 2023 tax season may be over, but that doesn’t always mean your work for this tax year is finished. Mistakes happen. But you might not find out about them until your client walks into your branch office with a tax form received from your financial organization that contains incorrect reporting information.
Read MoreThe stakes are high for financial organizations that do not apply federal and state withholding on distributions that are subject to the withholding requirements. If your financial organization doesn’t withhold, it could be required to pay the amount that was supposed to be withheld and face IRS and state penalties. While federal withholding requirements can be daunting, state withholding laws can be cumbersome and difficult to administer.
Read MoreBeneficiary issues can be challenging, even if you’re a seasoned IRA administrator. They can be further complicated by state law and other relationship entanglements.
Read MoreIf you don’t offer HSAs to your clients, now may be a good time to test the waters and start your HSA program.
Read MoreThis is a busy time for financial organizations, especially for those that manage IRAs. Learn how we can help make your IRA program more efficient.
Read MoreFor years Ascensus has provided a full range of defined contribution plans—including 401(k) profit sharing, money purchase pension, and individual 401(k) plans. Last year we expanded our document suite and will further expand in 2024.
Read MoreNo one likes to make mistakes. And let’s face it, it can be embarrassing when tax reporting errors are brought to your attention by a client, or even worse, by an IRS agent.
Read MoreIf your organization is like many in the industry, you’ve held off on team training and other onsite visits in recent years. You may have added new team members, but they haven’t been able to experience the face-to-face IRA training that they need.
Maybe it’s time for a refresh for everyone, including your IRA program.
Read MoreQuality consumer education is one of the most effective marketing tools that you can deploy as part of a successful business strategy.
Read MoreFinancial organizations that serve as an IRA trustee or custodian are tasked with many responsibilities to maintain compliance. One of those responsibilities, which can carry hefty penalties if an organization is found to be noncompliant by the IRS, involves federal tax withholding requirements on IRA distributions.
Read MoreIf your financial organization offers inherited IRAs (sometimes called “beneficiary IRAs”), you probably understand how complex the payout rules have become for these types of IRAs in recent years.
Read MoreToday’s consumers want easy access to their accounts and when it’s convenient for them.
We get it. And we have the perfect solution to help your clients gain more independence over their IRAs. It will also help lighten the load for you and your staff.
Read MoreThere’s nothing like health savings accounts (HSAs) on the market today. Your clients can use HSAs to save money for current and future healthcare costs and as a long-term investment vehicle in their overall retirement savings strategy.
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