IRS Extends Plan Amendment Deadlines for SECURE Act Provisions
Deadlines have also been extended to amend plans for certain provisions of the Miners Act and the CARES Act.
Tag: IRS
Compliance
Compliance
IRS Life Expectancy Tables Updated for Retirees
The actuarial update is important for plan sponsor clients to note, but the effect to regular business is likely limited, as the individuals most affected are likely no longer employed by the plan sponsor.
IRS Rules on Mergers Involving DB Plans That Have Received SFA
If a plan that received special financial assistance merges with an ongoing plan, the ongoing plan is not considered to be in critical status.
Compliance
Compliance
Compliance
Compliance
Significant New Corrections Opportunities Stem From IRS Program
The IRS has begun sending pre-audit letters to plan sponsors whose retirement plans have been selected for upcoming audits, giving them 90 days to identify, correct and disclose any compliance issues.
Physical Presence Requirement Relief Extended Again
The additional extension comes after they IRS solicited public comments on whether relief from the physical presence requirement should be made permanent.
IRS Sets Higher 2023 HSA Limits as Inflation Grows
An individual with self-only coverage under a high-deductible health plan can direct a new limit of $3,850 into their health savings account—$200 more than the 2022 cap.
New RMD Rules Mean the End of an Era for IRAs
Advisers should revisit planning for those who were counting on the 'stretch‘ IRA.
IRS Provides Sample Language for 403(b) Plan Provisions
The agency issued a listing of required modifications for pre-approved plans.
Compliance
Attorney Calls Proposed Changes to RMDs From 403(b)s ‘A Big Deal’
Proposed required minimum distribution changes would require a participant to take calculated amounts from each 403(b) contract he has.
Compliance
Notice of Proposed Rulemaking Updates MEP ‘One Bad Apple’ Rule
New regulations would apply to multiple employer plans that are either maintained by employers that have a ‘common interest’ or have a ‘pooled plan provider.’
ERISA vista
An Objectivity Lesson
The more objective the presentation, the less likely it will seem like advice.
Compliance Consult
Best Execution Standard
Professionals must meet this bar, to apply PTE 2020-02.
Compliance
Caution Clients Against IRA Asset Class Mistakes
A recent court case demonstrates why owners of self-directed IRAs should be careful about their investment strategies and asset classes—and where they store any physical assets owned via their IRAs.
Compliance
Compliance
Compliance
Compliance
Compliance
IRS Identifies Changes to 403(b) Plans for Second Remedial Amendment Cycle
The 2022 Cumulative List will assist providers of Section 403(b) pre-approved plans applying to the IRS for opinion letters.
More CFP Board Sanctions Revealed, in Warning to Adviser Professionals
From personal income tax issues to fraud and involvement in civil litigation, the financial professional accreditation organization has identified a variety of punishable issues among its members or candidates.
2021 Required Amendments List Includes Changes for Multiemployer Plans
The only changes in requirements that would necessitate a plan amendment relate to the multiemployer plan financial assistance program, and there were no changes that may require an amendment.
Learning From the CFP Board’s Latest Sanctions
While not a regulator, the Certified Financial Planner Board of Standards still keeps a close eye on its members’ conduct, and it has recently ordered sanctions against nearly two dozen advisory professionals for a variety of ethical failures.
Most DC Plan Participants Can Defer Up to $20,500 to Plans in 2022
The IRS has announced 2022 retirement plan contribution and benefit limits.
Compliance
IRS Summarizes Retirement Plan Hardship Withdrawal Rules
An updated Issue Snapshot reflects changes made by the Bipartisan Budget Act of 2018 and subsequent IRS regulations.
Compliance
Plan Sponsor Clients Need to Know What Causes a Deemed Distribution
An IRS Issue Snapshot addresses retirement plan participant loan rules that must be followed to avoid having a loan or part of a loan become a deemed distribution.