Category: Legislation
Proposed Revisions to Form 5500
November 22, 2021
Posted By: Maria Hurd, CPA There is Always Room for Improvement: Proposed Revisions to Form 5500 On September 14, 2021, the U.S. Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) (together “Agencies”) jointly announced a tri-agency notice of proposed forms revisions to the Form 5500 Annual Return/Report … Continued
The SECURE Act’s Long Term, Part-Time Employees Eligibility Rules: the Good, the Bad, and the Questions
May 12, 2020
Posted by Maria T. Hurd, CPA, RPA The SECURE Act’s provisions that encourage retirement savings and increase coverage and participation could reduce an estimated retirement savings shortfall of $3.8 trillion dollars by 3%, which does not sound like much percentage-wise, but it amounts to more than one hundred billion dollars: an unquestionably good result. However, … Continued
How do the new Required Minimum Distribution rules under the SECURE Act affect financial statement audits?
April 08, 2020
In Summary Correction Programs Offer Options for RMD Failures: The Employee Plan Compliance Resolution System (EPCRS) provides methods like the Self-Correction Program (SCP) and the Voluntary Correction Program (VCP) for fixing missed RMDs. While VCP allows the plan sponsor to request a waiver of the participant’s excise tax, using the convenient SCP does not automatically … Continued
How does the SECURE Act allow Penalty-Free Distributions from Retirement Plans for Childbirth or Adoption Expenses?
March 25, 2020
Posted by Maria T. Hurd, CPA, RPA Updated 3.26.2020 Children are a financial hardship!!! The IRS has finally recognized it by adding a new type of penalty-free distribution from defined contribution retirement plans: the Qualified Birth or Adoption Distribution (QBOAD), effective January 1, 2020. The new provision is optional, so plan sponsors will need to … Continued