(Read time 1:49) In this edition of Tax Talk, we provide updates on critical compliance deadlines for defined contribution (DC) plans. The schedule provided below assumes your plan operates on a calendar year basis. December 1st, 2023 Various annual notices must be...
2023
Legislative Highlights
Supercharging Retirement Plan Fixes: IRS Revamps EPCRS with SECURE 2.0 The Internal Revenue Service (IRS) rolled out fresh guidance about the Employee Plans Compliance Resolution System (EPCRS) and its expansion under the SECURE 2.0 Act in the form of Notice 2023-43...
Benefit from New and Enhanced Tax Credits!
This articles covers: What Are the Available Tax Credits When Starting a New Retirement Plan? Startup Tax Credit Employer Contribution Tax Credit Auto-Enrollment Tax Credit Now is the Best Time Than Ever to Start a New Retirement Plan! See details on this...
2023 Brings Significant Changes To Form 5500
The Department of Labor (DOL) announced its annual revisions to the IRS Form 5500. What Is IRS Form 5500? Why Is It Important? An employer sponsoring a qualified retirement plan, covered by ERISA, must file IRS Form 5500 with the DOL and IRS each year...
Summer 2023 Tax Deadline
You might be interested in an important compliance deadline coming up for defined contribution plans and a quick reminder about filing IRS Form 5500. October 16th - Extended deadline to file IRS Form 5500 to the Department of Labor (DOL) for plans with a December 31st...
Retirement and Workforce Facts: Did You Know?
An average of 67 million Americans per month will earn Social Security benefits in 2023, averaging over one trillion dollars in benefits paid. (Reference: Social Security Administration) Only 60% of workers ages 55 and older have attempted to estimate the amount of...
Required Minimum Distribution (RMD) Changes
The SECURE 2.0 Act raised the age for taking RMDs from 72 to 73 effective January 1, 2023. To clarify the distinction regarding when an account holder should begin taking RMDs, those who turned 72: In 2022, must take their distribution no later than April 1, 2023. In...
Employer Contributions Can Now Be Treated as Roth Contributions
Effective in 2023, the SECURE 2.0 Act, now allows participants in a 401(a) qualified plan (such as a 401(k) or profit sharing plan), 403(b) plan, or governmental 457(b) plan to designate employer matching or nonelective contributions as Roth contributions, if...
Penalty Free Early Withdrawals for Qualified Public Safety Employees
The Defending Public Safety Employees' Retirement Act of 2015 revised the Internal Revenue Code of 1986 to re-define the description of “qualified public safety employees” to include Federal law enforcement officers, Federal firefighters, customs and border protection...
Modified Retirement Plan Notices to Unenrolled Participants
The SECURE 2.0 Act raised the age for taking RMDs from 72 to 73 effective January 1, 2023. To clarify the distinction regarding when an account holder should begin taking RMDs, those who turned 72: In 2022, must take their distribution no later than April 1, 2023. In...