In a recent Chief Counsel General Advice Memorandum (“Memo”), the IRS provides a helpful reminder that basic recordkeeping and organization techniques can avoid significant tax liability for employers and employees in the...
Read MoreI have recently had two separate employers tell me that they wanted to stop making safe harbor matching contributions to participants in their 401(k) retirement plans in the middle of a plan year. The employers had very...
Read MoreThe IRS has issued proposed regulations affecting hardship distributions under 401(k) plans. The regulations would implement changes made by the Bipartisan Budget Act of 2018, and are updated for several earlier legislative...
Read MoreMany 401(k) plans allow participants to borrow amounts from their vested 401(k) plan accounts and repay such amounts, typically through payroll deductions, back to their own accounts. Plan loans must comply with IRS rules which...
Read MoreAs congressional republicans continue to work on tax reform legislation, many media reports have mentioned the possibility of significant changes to the current 401(k) retirement plan structure. Today a 401(k) plan participant...
Read MoreThe Internal Revenue Service (“IRS”) announced cost of living adjustments affecting dollar limitations for employer plans for tax year 2018. The IRS issued technical guidance detailing these items in Notice 2017-64, in addition...
Read MoreBy: Peter DomasRegardless of whether there will be revisions to, repeal of, or no changes at all to the Affordable Care Act, patients will most likely continue to have a larger financial responsibility for their medical...
Read MoreBy: Deborah L.Grace (Member, Troy)Occasionally, an employer may determine that it did not withhold deferral contributions for a new employee in accordance with the terms of its 401(k) plan. If the plan has an...
Read MoreBy: Deb Grace Since at least 2010, the IRS has publicly stated that forfeitures must be used by the end of the plan year in which the forfeiture occurred, or as soon as possible thereafter. Some IRS pre-approved prototype...
Read MoreBy: Deb GraceAre you age 70 1/2 or older and thinking about retiring in December or January? You may want to consider the effect that required minimum distributions from your 401(k) Plan will have on your taxable...
Read MoreBy Robin Miskell Retirement accounts are an excellent method for saving for retirement because the assets accumulate income tax free and contributions reduce your taxable income. However, many times you might have an emergency...
Read MoreBy Deborah Grace The Department of Labor (“DOL”) recently issued a new rule setting forth a frame work by which a plan sponsor or an IRA owner can ascertain whether a person providing investment advice for a fee is a fiduciary....
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