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IRA

Industry & Regulatory News

IRA Bankruptcy Exemption Increases

Effective April 1, 2025, the maximum aggregate bankruptcy exemption amount for IRAs increased from $1,512,350 to $1,711,975. This exemption amount is subject to cost-of-living adjustments (COLAs), having risen from an initial exemption limit of $1,000,000 as enacted within the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Public Law 109-8. The limitation is reviewed every three years and increased if COLA measures warrant.

There is no maximum exemption for assets accumulated in employer-sponsored retirement plans.

April 11 2025
IRA

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Virginia Severe Winter Storms and Flooding

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on April 4, 2025, for Virginia severe winter storms and flooding, for the incident period of February 10 – February 18, 2025. 

April 09 2025

Industry & Regulatory News

Proposal Expanding Disaster Relief to State Declared Disasters Passes Committee

Representatives David Kustoff (R-TN) and Judy Chu (D-CA) previously introduced H.R. 517 the Filing Relief for Natural Disasters Act. The bill would allow the governor of a state or territory to extend a federal tax filing deadline in the event of a state-declared emergency or disaster, which happens automatically for federally declared disasters.

March 31 2025

Industry & Regulatory News

Beneficial Ownership Reporting Requirements Narrowed

A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) interim final rule has narrowed the requirements for who must file beneficial ownership information (BOI) pursuant to the Corporate Transparency Act (CTA).

March 27 2025
IRA

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on March 18, 2025, for Oklahoma Severe Storms, Straight-line Winds, Tornadoes, and Flooding, for the incident period of November 2, 2024 – November 5, 2024.

March 21 2025

Industry & Regulatory News

IRS Announces Deadline Relief for West Virginia Storm Victims

The IRS has announced the postponement of certain tax-related deadlines for victims of West Virginia severe storms, straight-lined winds, flooding, landslides and mudslides until November 3, 2025. The tax relief postpones various tax filing deadlines that began on February 15, 2025. Affected individuals and households who reside or have a business in Logan, McDowell, Mercer, Mingo, Wayne and Wyoming counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief. 

March 18 2025

Industry & Regulatory News

IRS Announces Applicable Federal Rates for April

The IRS has issued Revenue Ruling 2025-08 which contains the applicable federal rates (AFR) for April 2025.

March 17 2025

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for West Virginia Storms

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on February 26, 2025, for West Virginia severe storm, straight-line winds, flooding, landslides and mudslides, for the incident period of February 25, 2025, and continuing. 

February 27 2025

Industry & Regulatory News

Proposal Expanding Disaster Relief to State Declared Disasters Introduced

Senator Catherine Cortez Masto along with several cosponsors has introduced S. 132, the Filing Relief for Natural Disasters Act.

February 21 2025

Industry & Regulatory News

IRS Announces Applicable Federal Rates for February

The IRS has issued Revenue Ruling 2025-05, which contains the applicable federal rates (AFR) for February 2025. 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.”

January 16 2025
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