The Internal Revenue Service (IRS) recently released new guidance in IRS Notice 2020-68 to assist owners of individual retirement accounts and annuities (IRAs) and IRA providers implement certain provisions of the Setting...more
The Internal Revenue Service (IRS) recently released new guidance in IRS Notice 2020-50 and Notice 2020-51 to help owners and beneficiaries of individual retirement accounts and individual retirement annuities (IRAs) and IRA...more
New formal guidance from the Internal Revenue Service (IRS) extends the deadline for providers of individual retirement accounts and individual retirement annuities (IRAs) to file Form 5498 in response to the coronavirus...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and recent formal and informal guidance from the Internal Revenue Service (IRS) provide important 2020 relief for owners and beneficiaries of individual...more
All IRA owners have until July 15, 2020 to make IRA contributions for 2019 and pay early distribution penalties for 2019, but a few questions remain on deadlines and reporting for IRA providers. ...more
In Notice 2020-06 the Internal Revenue Service (IRS) provides helpful relief for IRA providers that were unable to cancel the required minimum distribution (RMD) statements they had set to go out to IRA owners turning age 70½...more
2/6/2020
/ Compensation & Benefits ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
New Legislation ,
Regulatory Reform ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Tax Rates
The recently enacted Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) makes significant changes to individual retirement accounts and individual retirement annuities (IRAs). These important...more
In Notice 2018-90, the Internal Revenue Service extends the transition relief period for the new escheated IRA federal income tax withholding and reporting rules by one year. Specifically, the extended transition relief...more
The Internal Revenue Service confirms in writing that recharacterizing 2017 Roth IRA conversions will be permitted until October 15, 2018....more
HR 1 makes Roth IRA conversion recharacterizations a thing of the past, but is silent on whether recharacterizing 2017 Roth IRA conversions in 2018 will be permitted....more
ABLE Act establishes tax-free accounts that enable individuals with disabilities to invest with financial institutions without losing their government benefits.
U.S. President Barack Obama signed the Achieving a Better...more