IRA
Industry & Regulatory News
IRS Issues Exceptions to Penalties for Failure to File Correct Information Returns or Payee Statements
The IRS has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for January 2024
The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as "72(t) payments."
Industry & Regulatory News
SECURE 2.0 Technical Corrections Draft Released
The Senate and House committees of jurisdiction have released a draft containing technical corrections and other clarifications to SECURE 2.0.
Industry & Regulatory News
Proposed Automatic Portability Exemption at OMB
The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Exemption for Certain Automatic Portability Transactions”.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for December 2023
The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.
Industry & Regulatory News
DOL Final Rule on QPAM Exemptions at OMB
The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.
Industry & Regulatory News
Beneficial Ownership Reporting and IRA owned LLCs
A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) final rule that implements requirements of the Corporate Transparency Act (CTA), will impose beneficial ownership information (BOI) reporting requirements affecting IRA-owned LLCs.
Industry & Regulatory News
IRS Releases 2024 Cost-of-Living Adjusted Retirement Savings Limitations
The IRS has issued Notice 2023-75, which contains the 2024 cost-of-living increases for qualified retirement plan dollar limitations on benefits and contributions under the Internal Revenue Code (IRC).
Industry & Regulatory News
SECURE 2.0 Act Changes RMD Rules
On December 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act.
Industry & Regulatory News
IRS Announces Applicable Federal Rates for November 2023
The IRS has issued Revenue Ruling 2023-20, which contains the applicable federal rates (AFR) for November 2023.