Understanding forms 1095-A and 1095-B can help in preparing clients' individual income tax returns and fulfilling their professional due-diligence responsibilities.
While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.
Various definitions of compensation may need to be accommodated or modified.
Many business decision-makers will have questions about whether the tax applies to them and whether it can be avoided altogether.
The IRS extended a relief provision that allows sponsors of closed defined benefit plans to comply with the nondiscrimination rules of Sec. 401(a)(4).
The Irs issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.
The IRS issued guidance on how to determine the investment in contract for calculating certain retirement distributions.
This column addresses issues facing IRA trustees.
Proposed rules clarify and modify previous regulations regarding Sec. 409A nonqualified deferred compensation plans.
The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.
A nonqualified deferred compensation plan allows compensation earned in one year to be set aside and paid in a later year.
Employer Beware: Affiliated Service Group Is a Single Employer for Benefit and Health Care Coverage Testing
Practitioners may not know how the affiliated service group rules apply to various situations.
Employee benefit plans will face new reporting requirements under extensive changes to Form 5500, Annual Return/Report of Employee Benefit Plan, proposed by the federal government.
The IRS issued temporary regulations intended to halt the practice of treating partners as employees of a disregarded entity in order to include them in employee benefit plans.
The IRS issued proposed regulations under Sec. 409A, which provides that if certain requirements are not met, amounts deferred under a nonqualified deferred compensation plan are currently includible in gross income.
The IRS explained how to calculate the investment in the contract for retirement benefits distributed while the employee is still working part time and that nonqualifying contracts could not take advantage of the same rules.
The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts.
An ESOP, like any tax-qualified plan, will only receive promised benefits if the employer follows all of requirements related to establishing and maintaining a tax-qualified plan.
Employers would be able to maintain closed defined benefit plans without running afoul of nondiscrimination rules.