IRA
Industry & Regulatory News
IRS Provides Additional RMD Transition Relief Under SECURE/SECURE 2.0
The IRS has issued Notice 2023-54 to provide transition relief for required minimum distributions (RMDs) in connection with the change in required beginning date (RBD) to age 73 under SECURE 2.0, and guidance for certain specified RMDs for 2023.
Industry & Regulatory News
SECURE 2.0 Provides New Ways to Take Penalty-Free Distributions
The SECURE 2.0 Act provides more ways for individuals to access their retirement savings and creates new exceptions to the 10% early distribution penalty tax.
Industry & Regulatory News
IRS Provides EPCRS Guidance Related to SECURE 2.0
The IRS has issued Notice 2023-43 to address questions and provide interim guidance related to Section 305 of SECURE 2.0.
Industry & Regulatory News
Congressional Leaders Inform Treasury on SECURE 2.0 Technical Fixes
Congressional leadership from the House Committee on Ways and Means and the Senate Committee on Finance have sent a letter to officials at the Treasury Department indicating that Congress intends to introduce technical correction legislation to correct erroneous statutory language for several SECURE 2.0 provisions in order to accurately carry out Congressional intent.
Industry & Regulatory News
SECURE 2.0 Adds New Penalty-Free Distribution Option for Certain Emergency Expenses
This infographic is part of a multi-part series that describes the penalty-free distribution options created by SECURE 2.0
Industry & Regulatory News
IRS Intends to Issue Guidance on Certain NFTs as Collectibles
The IRS has issued Notice 2023-27, announcing their intent to issue guidance related to the treatment of certain nonfungible tokens (NFTs) as collectibles under Internal Revenue Code Section (IRC Sec.) 408(m).
Industry & Regulatory News
Build Back Better Provisions Resurface in White House Budget Proposal
President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers — similar to those included in the Build Back Better Act passed by the House in 2021 — but left by the wayside enroute to the passage of the Inflation Reduction Act of 2022.
Industry & Regulatory News
IRS Finalizes Electronic Filing Requirements for Certain Information Returns
The IRS has released final regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019.
Industry & Regulatory News
Washington Pulse: SECURE 2.0 is Congress’s Retirement Enhancement Encore
Retirement legislation has been a welcome area of bipartisan cooperation in the U.S. Congress, marked by a history of Republican and Democratic bill co-sponsorship and support. A recent example is the Setting Every Community Up for Retirement Enhancement Act—the SECURE Act—passed and signed into law in 2019. The SECURE Act has been hailed as the most important retirement enhancement legislation in more than a decade.