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401k Income Taxes Individual Retirement Account (IRA)

Bowditch & Dewey

Tax Tips for New College Graduates

Bowditch & Dewey on

As new college graduates cross the stage to receive their diplomas, many will also be heading to their first full-time jobs. There are some tax tips new graduates can implement early on that will help with savings in the long...more

McDermott Will & Emery

Weekly IRS Roundup March 20 – March 26, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2022 – March 26, 2022... March 21, 2022: The IRS issued Revenue Ruling 2022-07,...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Sullivan & Worcester

Mid-Year Retirement Benefits Update

Sullivan & Worcester on

The Internal Revenue Service has been busy issuing guidance over the last month or so on various retirement benefit issues. We want to be sure you are aware of these important updates. Retirement plan and IRA liquidity...more

Foster Garvey PC

Required Minimum Distributions From Retirement Plans Have Been Waived for 2020 – IRS Notice 2020-51 May Give Taxpayers That Have...

Foster Garvey PC on

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act waives the requirement that taxpayers take required minimum distributions (“RMDs”) for 2020 from IRAs, 401(k) plans and other defined contribution plans....more

Obermayer Rebmann Maxwell & Hippel LLP

Important Retirement Account Changes Under the SECURE Act

In a spending bill passed in December 2019, Congress enacted the SECURE Act, changing several laws governing retirement plans, some of which increase your ability to save for retirement while others require an immediate...more

Poyner Spruill LLP

Estate Planning with Retirement Accounts Under the New SECURE Act

Poyner Spruill LLP on

The SECURE Act has significantly altered the estate planning landscape for qualified retirement accounts, including, but not limited to, Individual Retirement Accounts (“IRAs”), 401(k)s, 403(b)s, 457(b)s, and Roth IRAs...more

McDermott Will & Emery

Still Tax, Even Without the Distributed Cash

McDermott Will & Emery on

The IRS recently issued guidance on the tax treatment, withholding and reporting for required distributions from tax-qualified retirement plans. Plan sponsors should contact their retirement vendors and trustees to ensure...more

Verrill

Recap of Change to Retirement Plan Rollover Rules for Plan Loan Offsets

Verrill on

The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and participants. ...more

Foodman CPAs & Advisors

Avoid this while filing your taxes

To avoid possible scrutiny or oversight by the IRS, Accuracy is a key factor when filing Tax Returns. Taxpayers want to make sure that their returns are processed correctly by the IRS. ...more

Holland & Knight LLP

Tax Reform's Impact on 401(k) Plan Loan Offset Treatment - Actions for Plan Administrators and Human Resources Benefits Managers

Holland & Knight LLP on

• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more

Proskauer Rose LLP

ERISA Newsletter - Fourth Quarter 2017

Proskauer Rose LLP on

Editor's Overview - For over two decades, federal law has required covered health plans and insurers to ensure that certain mental health benefits are in parity with offered medical/surgical benefits. The meaning of...more

Troutman Pepper

How Tax Reform Will Affect Employee Benefit Plans

Troutman Pepper on

On December 22, President Donald Trump signed into law H.R. 1 (the Act), which makes widespread changes to the Internal Revenue Code. The Act makes several changes to the rules governing retirement plans, welfare plans and...more

Schwabe, Williamson & Wyatt PC

New Tax Law Provisions Affect Employee Benefit Programs

The Tax Cuts and Jobs Act (the “Act”) recently enacted by Congress will soon become effective. The primary focus of the new law is the reduction of corporate and individual income taxes. Nevertheless, a number of provisions...more

BakerHostetler

The Impact of the 2017 Tax Reforms on Employment-Based Benefits and Tax-Favored Compensation

BakerHostetler on

Whenever the United States Congress takes up “tax reform,” there always is a danger that the Congress will pay for such tax reform, in part, by eliminating many of the tax incentives that enable employers to provide...more

Baker Donelson

New Tax Plan Changes Rules on Health Coverage, Employee Benefits and Executive Compensation

Baker Donelson on

While primarily focused on individual and business tax cuts and reform, the final Republican tax cut bill includes several provisions expected to impact health care coverage and expenses. First, the bill effectively repeals...more

Proskauer - Employee Benefits & Executive...

Tax Reform Contemplates Changes to Employee Benefits

The House Committee on Ways and Means publicly released a working draft of the Tax Cuts and Jobs Act for the first time on Thursday. In the weeks leading up to the release of the draft, speculation has swirled as to whether...more

Fox Rothschild LLP

Leveraging – A Hidden Advantage Of Roth 401(k) Accounts

Fox Rothschild LLP on

There have been numerous articles published about the advantages of Roth IRAs and Roth 401(k) accounts. While no tax deduction is available for contributions to Roths, in general, distributions of both principal and earnings...more

Ballard Spahr LLP

Pennsylvania Tax Changes and Tax Amnesty Program

Ballard Spahr LLP on

As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more

McDermott Will & Emery

View From McDermott: Expanded In-Plan Conversion Opportunities Will Boost Roth 401(k) Balances

McDermott Will & Emery on

The number of defined contribution plans (including 401(k), 403(b) or 457(b) plans) with a Roth feature has grown significantly in recent years. Roth 401(k) is gaining popularity due in part to tax hedging or tax...more

Morgan Lewis

IRS Issues Notice on Expanded In-Plan Roth Conversion Option

Morgan Lewis on

Guidance confirms that plan sponsors have flexibility in designing and implementing a feature that allows participants to convert vested pre-tax balances to after-tax Roth balances....more

Davis Wright Tremaine LLP

Roth Conversion Opportunities Expand, But Practical Questions Remain

The recent “fiscal cliff” tax law, the American Taxpayer Relief Act (ATRA), includes a provision effective Jan. 1, 2013 that greatly expands the ability of plan participants to convert pre-tax plan accounts to after-tax Roth...more

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