IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 -
The IRS recently issued Fact Sheet 2024‑18 to highlight how...more
5/14/2024
/ 1099s ,
Benefit Plan Sponsors ,
Documentation ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
Incentives ,
Individual Retirement Account (IRA) ,
IRS ,
Reporting Requirements ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Tax Planning ,
W-2
For the second time in a decade, the Department of Labor (DOL) attempted to expand the reach (and requirements) of the Employee Retirement Income Security Act of 1974 (ERISA). On April 23, 2024, DOL succeeded and announced...more
5/7/2024
/ Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
New Rules ,
Prohibited Transactions ,
Retirement Plan
The short answer to this question is yes, but (and there almost always seems to be a "but") doing so could result in taxes and penalties if the investment is deemed a "prohibited transaction."...more