Taxpayer had unfettered control over SEP-IRA distribution
A distribution from a SEP-IRA to an LLC owned by the taxpayer is includible in the taxpayer’s gross income.
Employee Benefits
2021 inflation adjustments for retirement plans announced
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021.
Self-certification of unclaimed property rollovers permitted
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
2021 standard mileage rates decrease
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
Final rules govern disallowed transportation fringe benefits
The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
IRS finalizes qualified plan loan rollover rules
The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.
CARES Act changes to retirement plans
A distribution that meets the definition of a coronavirus-related distribution carries several advantages and tax planning opportunities.
Multiple-employer plans for small businesses
This item discusses some of the conditions set out in the rule for an employer group or association to join together to establish an MEP and who can be covered under the plan.
Applying grandfather status to certain health care arrangements
Regs. Sec. 54.9815-1251 defines a grandfathered health plan as coverage provided by a group health plan, or a health insurance issuer, in which an individual was enrolled on March 23, 2010.
Qualified transportation fringe disallowance
The article discusses the June 2020 proposed regulations and how they compare to the prior guidance in Notice 2018-99.
Private-equity funds allowed in ERISA-covered individual account plans
The DOL concluded that an asset allocation fund with a private-equity component may be offered to participants in an ERISA-covered individual account plan.
How to make extended qualified plan rollovers
The IRS issued proposed regulations explaining the extended rollover period that applies to qualified plan loan offsets after the rules were amended by the TCJA.
Early distributions from retirement plans related to COVID-19
The IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under the CARES Act.
Inflation-adjusted income ranges for 2021 IRA and 401(k) plans
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.
Unclaimed property distributions allowed as self-certified rollovers
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
Inflation-adjusted limit for 2021 HRAs issued
The IRS issued the 2021 limit for excepted benefit health reimbursement arrangements using the Chained Consumer Price Index for All Urban Consumers inflation-adjustment method.
Another alert for IRAs investing in master limited partnerships
This article discusses what is needed to help clients who have an IRA invested in PTPs pay the correct amount of tax.
Health coverage reporting deadline extended
The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.
Fundamentals of voluntary employees’ beneficiary associations
VEBAs need to follow general rules similar to those of other tax-exempt organizations to retain their not-for-profit status.
Common mistakes in nonqualified deferred compensation plans
The Sec. 409A rules place significant roadblocks in the way of amending or modifying existing nonqualified deferred compensation plans.
