Individual Retirement Account

News & Analysis as of

No Fooling – Don’t Forget to Take Your First “Required Minimum Distribution” by April 1st

Generally, if you turned 70 ½ during 2014 and have a traditional IRA or other qualified retirement plan, you will need to take your first required minimum distribution (RMD) by April 1 of this year. This rule applies whether...more

DOL Sends Proposed Conflict of Interest Rule to OMB for Review

The White House backs a “fiduciary rule” for IRAs. The U.S. Department of Labor (DOL) has sent its proposed “Conflict of Interest Rule-Investment Advice” to the president’s Office of Management and Budget (OMB) for...more

Congressional Proposals for Nonprofit Tax Breaks and Extenders

In February, the House of Representatives passed several tax bills and the Senate Finance Committee approved several tax bills that, if ultimately enacted, would impact tax-exempt organizations....more

The White House wants a new fiduciary rule

The White House unveiled their plan to direct the Department of Labor to unveil a new fiduciary standard rule that will curb the conflict of interest and excessive fees that the White House says that mars 401(k) and IRA...more

White House Budget Proposal Includes Many Retirement-Related Provisions

On February 2, 2015, the White House released its Fiscal Year 2016 Budget, which includes a number of tax code changes targeting retirement savings. If enacted as presented, the proposals would have a significant effect on...more

Maximize Your Charitable Gift With Your IRA

Valentine’s Day is a great time to count your blessings and make good on your charitable intentions. Why not provide for your loved ones while also providing for a charity that is near and dear to your heart? Clients with an...more

SEC Examination Priorities for 2015

We recently sent you an email about FINRA’s Examination Priorities for 2015. The SEC has now released its 2015 Examination Priorities, and it continues the trend of focusing on rollovers. This email discusses the SEC concerns...more

Illinois Becomes the First State to Require Automatic Retirement Savings Program for Workers Without Access to a Workplace...

On January 5, 2015, outgoing Governor Quinn signed landmark legislation that created the “Secure Choice Savings Plan” which will give Illinois workers who do not have the option to participate in a workplace retirement...more

Year-End Legislation Important for Employers

The 2015 Cromnibus and the Tax Increase Prevention Act of 2014 solve some problems and raise others. On December 16, 2014, U.S. President Barack Obama signed the Consolidated and Further Continuing Appropriations Act...more

FINRA Issues a Packed Priorities Letter for 2015

FINRA opened 2015 with a lengthy and ambitious agenda of regulatory priorities. This year’s Regulatory and Examination Priorities Letter is much longer than those issued the last two years, and repeats many of those years’...more

Monthly Benefits Update - December 2014

Illinois Becomes the First State to Require Automatic Retirement Savings Program for Workers Without Access to a Workplace Retirement Plan - On January 5, 2015, outgoing Governor Quinn signed landmark legislation that...more

FINRA Releases 2015 Broker-Dealer Exam Priorities

On January 6, 2015, the Financial Industry Regulatory Authority ("FINRA") released its 2015 Regulatory and Examinations Priorities Letter highlighting a number of compliance areas that FINRA examiners will focus on in the...more

Illinois Enacts Nation's First Auto-IRA Program

Illinois Governor Pat Quinn signed legislation over the weekend enacting the Illinois Secure Choice Savings Program and making Illinois the first state in the nation to require covered employers to provide employees with...more

High Net Worth Family Tax Report, Vol. 9, No. 3

In This Issue: - Tax planning strategies to consider before the end of the year - The IRS announces inflation-adjusted amounts for 2015 - Case update: Taxpayer’s deduction for interest capitalized in loan...more

President Approves One-Year Extension of Charitable IRA Rollover

On December 19th, President Obama signed H.R. 5771, known as the “Tax Increase Prevention Act of 2014.” Among other things, this legislation extends the favorable charitable IRA rollover rule to gifts made in 2014. ...more

Congress Extends IRA Qualified Charitable Distribution Rule: Action During 2014 Is Required for Taxpayers Interested in Taking...

Individuals who act quickly can receive a tax break for distributions in 2014 from an Individual Retirement Account (IRA) to a qualified charity. For the past four years, a distribution of up to $100,000 from an IRA paid...more

Congress Approves Tax Extension Bill

TWO WEEKS ONLY! SAVE NOW! Congress has finally approved the extenders bill in what is widely viewed as terrible tax policy, but a welcome holiday gift nonetheless. The Tax Increase Prevention Act of 2014 extended a...more

IRA “Charitable Rollover” Retroactively Extended Through 2014

Background - As a part of the so-called “Cromnibus” bill, Congress has extended dozens of expired “temporary” tax breaks for 2014. Included in that group is a rule that allows for tax-free treatment of certain...more

IRA Charitable Rollover Extended

For some, the end of the calendar year means more than just the deadline for charitable contributions for the tax year. December 31 is also the deadline to take certain mandatory distributions from individual retirement...more

Were These The Extenders That We Were Waiting For?

The Senate on December 16 passed a tax bill that retroactively extends a package of fifty-five tax provisions through the end of 2014. In other words, by the time President Obama signs the new law, it will remain in effect...more

One 60-Day IRA Rollover Per Year Is The Final Answer

Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues. However, the Publications were not part of petitioner’s...more

Final regulations on qualified longevity annuity contracts

An ongoing focus for the IRS and the DOL has been trying to ensure that individuals have a regular stream of income for the duration of their lives. In connection with this goal, in July of this year, the IRS released final...more

Looking for a New Acronym? Try QLAC

What's a QLAC? Effectively, it is a Qualified Longevity Annuity Contract that's owned by a traditional IRA or 401K plan....more

IRS Updates Special Tax Notice for Retirement Plans

The Internal Revenue Service has issued Notice 2014-74, updating its safe harbor model notices for use by qualified retirement plans to satisfy the special tax notice requirement under Section 402(f) of the Internal Revenue...more

IRS Provides Protection against Upcoming Change in Rollover Rules

Today, in Announcement 2014-32 (the "Announcement"), the Internal Revenue Service clarified the rules that will apply going forward when an owner of an individual retirement arrangement (IRA) seeks to roll over a distribution...more

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