IRA
Industry & Regulatory News
House Passes Senate’s Coronavirus Response Bill Unchanged, President Trump Signs Into Law
The House of Representatives today passed—by an expedited procedure—the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was passed by the Senate late on Wednesday, March 25. This afternoon, President Trump signed the legislation into law.
Industry & Regulatory News
Senate Approves Massive Coronavirus Response Bill
On Wednesday night, March 25, shortly before midnight, Eastern Time, the U.S. Senate cleared lingering objections of both Democrat and Republican members and unanimously passed H.R. 748, the Coronavirus Aid, Relief and Economic Security, or CARES Act. The legislation has many elements intended to aid businesses and workers, and assist the U.S. health care system in working through the coronavirus (COVID-19) pandemic. It also contains multiple provisions that would affect retirement savings arrangements, health savings accounts (HSAs), Archer medical savings accounts (MSAs), health reimbursement arrangements (HRAs), and flexible spending arrangements (FSAs).
Industry & Regulatory News
IRS Issues Deadline Relief for Texas Victims of Winter Storms
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Texas winter storm victims. The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11. The entire state of Texas is included in this relief. Additionally, taxpayers in other locations will automatically be added to this relief if the disaster area is further expanded.
Industry & Regulatory News
Retirement Spotlight – IRS Offers First Answers to Post-SECURE Act Reporting Questions
The most extensive changes to retirement saving in more than a decade became law when President Trump signed the Further Consolidated Appropriations Act of 2020 (FCAA) on December 20, 2019. While the main purpose of the FCAA was to fund the federal government for the next fiscal year, Congress also added significant retirement provisions to the FCAA by including the Setting Every Community Up for Retirement Enhancement (SECURE) Act in the broader bill.
Industry & Regulatory News
Reporting Relief Provided in Light of SECURE Act’s RMD Age Change
The IRS has issued Notice 2020-6, guidance that addresses required minimum distribution (RMD) reporting by IRA custodians, trustees, and issuers. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, contained within the broader Further Consolidated Appropriations Act (FCAA), 2020, altered the age when IRA owners must begin taking mandatory annual distributions, or RMDs. Under a provision of the SECURE Act, those who reach age 70½ in 2020 or a later year can delay beginning RMDs until age 72. Those who reached age 70½ in 2019 or earlier years must continue taking annual RMDs.
Industry & Regulatory News
Retirement Spotlight: January 2020 Spotlight on Important SECURE Act Provisions For Financial Advisors
The new year promises to provide plentiful opportunities for financial advisors to gain business and to demonstrate expertise to existing clients. As you likely know, the SECURE Act was signed into law on December 20, 2019. Many of the Act’s provisions took effect on January 1, 2020. Most of them offer real benefits to your clients; other provisions may not be as helpful, but you still need to understand them to provide the best service possible. This Retirement Spotlight focuses on a half-dozen SECURE Act provisions that will make the most significant impact on your retirement plan practice.
Industry & Regulatory News
Senate Approves Appropriations Bill with SECURE Act and Healthcare Provisions; President’s Signature Expected
The U.S. Senate today voted its approval of the Consolidated Appropriations Act of 2020, as passed by the House of Representatives, with provisions that will fund government operations for the coming fiscal year. Included are provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, as well as healthcare-related changes.
Industry & Regulatory News
Washington Pulse: House Passes SECURE Act, Retirement Focus Shifts to the Senate
With growing bipartisan momentum that has lent new optimism for eventual enactment, comprehensive retirement legislation has been passed by the House of Representatives and now moves on to the U.S. Senate. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 passed in the House on May 23 with only token opposition, its 417-3 margin a demonstration of overwhelming support.