IRS Issues
The IRS Tax-Exempt and Government Entities (TE/GE) Office has updated its compliance program. That includes compliance strategy initiatives that affect some retirement plans.
In their fiscal year 2021 program letter, TE/GE Commissioner Tammy Ripperda and Deputy Commissioner Edward Killen write...
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The IRS’ Voluntary Correction Program (VCP) provides a means by which filers can correct errors before they are told to do so, but the good intentions entailed in using it do not guarantee that there will not be errors in the filings intended to correct mistakes. The IRS has outlined the top...
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Tech Talk addresses how contributions can be made to a 403(b) account.
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The IRS on March 29 in Notice 2021-21 announced that it is delaying the deadline by which 2020 contributions to IRAs and Roth IRAs must be made until May 17, 2021.
The IRS took the action in light of the March 13, 2020 emergency declaration issued by President Trump that said the COVID-19...
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The IRS has issued guidance addressing whether amounts paid for certain personal protective equipment are treated as qualified medical expenses.
In Announcement 2021-7, the IRS clarifies that the purchase of personal protective equipment—such as masks, hand sanitizer and sanitizing wipes—that are...
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Governmental 457(b) plans can be complicated. But intimidating or not, says a recent blog entry, there are key elements that those who serve such plans need to make sure are there.
In an entry in the Focus on Public Benefits blog, BB&K Law Partner Jeff Chang notes that such plans are “subject...
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Tech Talk addresses whether collective investment funds are regulated by the Office of the Comptroller of the Currency and whether they are eligible investment vehicles for 403(b) plans.
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Remember the required minimum distribution (RMD) rules and the recent changes that have been made to them, the IRS reminds. It issued the reminder in a March 16 news release that highlights those changes.
SECURE Act
The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed...
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Tech Talk addresses whether it is a problem if participant tools offered by 403(b) plan providers to help assess risk tolerance and investment preferences suggest specific investment allocations or model portfolios, and offer options to elect periodic rebalancing to keep allocations in line with...
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Mistakes involving eligible compensation are often at the center of compliance problems. A recent blog entry offers suggestions on ways to avoid such errors.
So common are mistakes concerning eligible compensation, reports Cassell Plan Audits, that they saw no other kind of error as often in the...
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Tech Talk addresses whether the Coronavirus Aid, Relief, and Economic Security (CARES) Act COVID-19 distribution provisions apply to 457(b) plans.
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The Saver’s Credit is available to eligible taxpayers who are saving for retirement through a qualified retirement plan at work or in an IRA, yet it seems that every year millions of Americans are missing out on it.
In fact, only 43% of U.S. workers say they are aware of the tax credit that may...
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Making good on a past promise, the newest member of the Senate Finance Committee has introduced legislation to impose a wealth tax on so-called “ultra-millionaires.”
Sen. Elizabeth Warren (D-MA) on March 1 introduced the Ultra-Millionaire Tax Act to impose:
a 2% annual tax on the net worth of...
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The House of Representatives in the early hours of the past weekend approved a nearly $2 trillion COVID-stimulus bill, including a freeze to retirement plan contribution limits.
The Butch Lewis Emergency Pension Plan Relief Act was approved Feb. 27 as part of the mammoth American Rescue Plan Act...
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Tech Talk addresses whether there is a penalty for making a withdrawal from a Roth 403(b) to make a down payment on a house.
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American Retirement Association CEO Brian Graff and a panel of industry experts offered their insights on Feb. 23 on the state of things for the industry regarding activity on Capitol Hill, as well as in the federal regulatory agencies. They made their remarks as part of the NTSA Winter Virtual...
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Tech Talk addresses whether a participant that takes withdrawals from a Roth account would pay the income tax on them.
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One of the incentives for adopting and participating in an employer-sponsored qualified plan are tax benefits for employees and employers. A Feb. 9 webinar focused on tax credits for small employers that adopt plans and for participants with modest incomes.
In “Working with Qualified Plans Can...
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Tech Talk addresses whether the payout and income tax reporting obligation that under a plan document remains after plan termination can be transferred to a third party which will address withholding and reporting on a Form 1099-R, not a Form W-2.
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In Segment I of the 23rd Series of the NTSA WOWcasts, NTSA Past President Randy Aranowitz interviews former NTSA Executive Director Brent Neese. They discuss public policy as it relates to retirement.
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