News & Analysis as of

Individual Retirement Account IRA Rollovers

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Transportation, Ports and Maritime Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Final Version of Tax Reform Act has a Minor Impact on Employee Benefit Programs

by McNair Law Firm, P.A. on

In early November, I posted an article entitled “Tax Reform Proposal Nixes Favorable Tax Treatment of Several Employee Benefits”. That article reviewed the Ways and Means Committee’s proposal (H.R. 1, the Tax Reform and Jobs...more

Tax Reform Results in Only Minor Changes for Retirement Plans

by McDermott Will & Emery on

The Tax Cuts and Jobs Act made significant changes to the tax code and will have a significant impact on businesses and individual taxpayers. However, although initial proposals included potentially significant changes to...more

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Focus on ERISA - Tax Reform Includes Benefits and Compensation Provisions

by Dechert LLP on

On December 22, 2017, the tax reform bill, informally known as the Tax Cuts and Jobs Act (the “Act”), was signed by President Trump. As we noted in our prior OnPoint (available here) with respect to earlier versions of the...more

Extension of DOL Fiduciary Rule is Official and some Guidelines for Documenting Rollovers

by Liskow & Lewis on

he Department of Labor officially announced the 18-month extension of the effective date of the key, and most onerous provisions, of the DOL Fiduciary Rule (until July 1, 2019). The announcement was made on November 29, 2017....more

New Tax Bill Eliminates Many Popular Individual Deductions/Exclusions, Adds Excise Tax and Clarifies IRA/Pension Provisions

On November 2, 2017, House Republicans released their highly anticipated tax reform proposal formally named the Tax Cuts and Jobs Act (the "Act"). The Act must be approved by both the House and the Senate and signed by the...more

Employee Benefits Developments - February 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of February 2017. March 31, 2020 Deadline for Amending 403(b) Plans - When the Internal Revenue Service...more

IRA Owner Taxed on Distribution, Even Though Funds Were Improperly Rolled into IRA

by Charles (Chuck) Rubin on

A deceased husband's IRA was incorrectly rolled over into an IRA of his widow, instead of being paid to his estate. The widow then distributed funds from the IRA to her stepson....more

Employee Benefits Legislation Proposed (But Not Passed) by the Obama Administration

by Jackson Walker on

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

Advisors Advantage - December 2016

by Ary Rosenbaum on

A "Crystal Ball" On Life After The New ERISA Fiduciary Rule. We can see the future if we look closely enough. The Department of Labor's (DOL) new fiduciary rule that is going to go in effect in April 2017 is going...more

Holiday Horror Series: Part 2- Hectic Holiday Rollovers

by Weintraub Tobin on

With the holidays upon us, we all can relate to how easy it is to mistakenly overlook important things amidst the cheery holiday hustle and bustle: leaving the Christmas ham in the oven a few hours too long, forgetting to...more

Employee Benefits Developments - September 2016

by Hodgson Russ LLP on

Final IRS Regulations Eliminate Requirement to File 83(b) Election with Tax Return - Under Section 83(a) of the Internal Revenue Code (the “Code”), if property is transferred in connection with the performance of...more

IRS Allows Self-Certification For Waiver of 60-Day Rollover Requirement

by Seyfarth Shaw LLP on

On August 24th, the IRS released guidance that permits an automatic waiver of the sixty-day rollover period for retirement plan distributions by allowing individuals to self-certify that they qualify for the waiver under any...more

IRS Makes Late Rollovers Easier

by Snell & Wilmer on

Generally, distributions from a qualified retirement plan that are eligible for rollover must be rolled over within 60 days of the date on which the distribution occurs. If a taxpayer did not complete the rollover within 60...more

IRS Permits Several Waivers for Taxpayers Who Miss Rollover Deadline

by Williams Mullen on

The Internal Revenue Service has offered some reprieve to individuals who receive a distribution from a retirement plan or an individual retirement arrangement (IRA) and inadvertently miss the 60-day time limit for rolling...more

New Relief for Meeting the 60-Day Limit for IRA and Retirement Plan Rollovers

IRA and retirement plan rollovers are common occurrences, but they can be confusing. There a variety of rules and procedures which must be followed and mistakes may be costly. In addition to the potential for the rollover...more

Treasury Provides Relief for Late 60-Day Rollovers

by Charles (Chuck) Rubin on

The Internal Revenue Code allows qualified plan participants and IRA owners to withdraw assets from a plan or IRA and contribute them to another (or the same) plan or IRA without being taxed on the distribution, if the...more

Wealth Management Update - September 2016

by Proskauer Rose LLP on

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

New Self-Certification Procedure for Late Rollovers

The Internal Revenue Service (IRS) has issued Revenue Procedure 2016-47, which provides for a new self-certification procedure for participants who receive retirement plan distributions but inadvertently miss the 60-day time...more

IRS Simplifies Rules for Correcting Failed Rollover

by BakerHostetler on

On August 24, 2016 the IRS published Revenue Procedure 2016-47, which simplifies the steps for correcting a missed rollover from a qualified plan or IRA to another qualified plan or IRA. Amounts distributed from a qualified...more

All Assets Are Not Created Equal When It Comes to IRA Rollovers (PLR 201547010)

by Bryan Cave on

When the taxpayer in PLR 201547010 decided to invest his IRA assets in a partnership, he forgot to check whether his IRA provider was able to hold an interest in a partnership as an investment in the IRAs for which it served...more

New PTEs Impact Broker’s and Advisor’s Relationship with Retirement Plans and IRAs and Also Impact Plan Sponsors and Fiduciaries

by Winstead PC on

While only the plan service providers, like brokers, are required to comply with the requirements of the revised and new prohibited transaction class exemptions contained in the package with the definition of...more

IRA Charitable Rollover Made Permanent

by Jackson Walker on

President Obama signed the Protecting Americans from Tax Hikes (PATH) Act into law on December 18, 2015. As a result, the IRA charitable rollover is now available to qualifying taxpayers on a permanent basis....more

The Charitable IRA Rollover is Now Permanent!

Under the normal rules, an IRA distribution is included in the gross income of a donor, who then may claim a charitable income tax deduction if she contributes that money to charity. There has been a special rule for...more

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