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.
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A distribution from a SEP-IRA to an LLC owned by the taxpayer is includible in the taxpayer’s gross income.
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021.
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.
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.
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.
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.
A distribution that meets the definition of a coronavirus-related distribution carries several advantages and tax planning opportunities.
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.
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.
The article discusses the June 2020 proposed regulations and how they compare to the prior guidance in Notice 2018-99.
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.
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.
The IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under the CARES Act.
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.
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.
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.
This article discusses what is needed to help clients who have an IRA invested in PTPs pay the correct amount of tax.
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.
VEBAs need to follow general rules similar to those of other tax-exempt organizations to retain their not-for-profit status.
The Sec. 409A rules place significant roadblocks in the way of amending or modifying existing nonqualified deferred compensation plans.
DEDUCTIONS
Business meal deductions after the TCJA
This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.
TAX RELIEF
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.