Pension Admin & Consulting

Salute to Military Spouse Tax Credit

By |2023-06-19T20:40:57+00:00June 26th, 2023|Corporate & Partnership Tax, Entrepreneurs, News & Events, Pension Admin & Consulting, Press Releases, Social Security|

The new SECURE 2.0 law creates a band-new tax credit for small businesses that encourages retirement saving by spouses of military personnel. Call to arms: A qualified employer with 100 or fewer employees last year is eligible for a $200 credit if a military spouse participates in a defined contribution plan such as a 401(k). [...]

Key Provisions of the Secure Act 2.0

By |2023-06-20T15:41:19+00:00June 20th, 2023|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

First, Congress approved the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, affecting qualified retirement plans and IRAs. Now the president has signed into law “SECURE Act 2.0” as part of a spending measure. Following are several key provisions in this new legislation. RMD age threshold: Generally, participants in qualified plans and [...]

More Flexibility for Section 529 Plans

By |2023-06-15T20:35:20+00:00June 15th, 2023|News & Events, Pension Admin & Consulting, Press Releases|

A Section 529 plan is a tax-favored way to save for a child’s higher education. Now the new law called SECURE 2.0 provides an option for using 529 account funds for retirement savings. Background: Named after the tax code section authorizing its use, Section 529 plans are educational savings plans, generally operated by individual states, [...]

New Rules for “Large Plan” Form 5500s

By |2023-03-20T13:36:33+00:00March 20th, 2023|News & Events, Pension Admin & Consulting, Press Releases|

The Department of Labor recently finalized changes to the definition of a “large plan” for Form 5500 reporting purposes.  Of course, qualifying as a “large plan” can require the plan to have an audit resulting in additional expenses associated with the plan.  The changes will take effect for the 2023 plan year. A large [...]

Should You Convert to a Roth?

By |2022-07-14T18:32:35+00:00July 19th, 2022|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases, Social Security|

Is this the year you finally convert to a Roth IRA? It could be if it makes sense for your situation, but there are numerous factors that come into play. Do not make any rash decisions. Basic premise: Generally, distributions from a traditional IRA are fully taxable at ordinary income rates reaching as high as [...]

Requirement to Restate Your Qualified Retirement Plan Document

By |2022-05-11T19:44:45+00:00May 11th, 2022|News & Events, Pension Admin & Consulting, Press Releases|

If you are an employer who sponsors a qualified retirement plan, we want to remind you about the requirement to restate your plan document.  Many retirement plans that use plan documents preapproved by the Internal Revenue Service (IRS) must be restated periodically to reflect recent legislative and regulatory changes, in order to maintain their tax [...]

2022 IRS Limits on Retirement Plans

By |2021-11-10T14:44:51+00:00November 10th, 2021|News & Events, Pension Admin & Consulting, Press Releases, Social Security|

Highlights: The 401(k) deferral limit increased to $20,500.  The FICA taxable wage base increased to $147,000.  The maximum plan compensation limit increased to $305,000 and the maximum annual addition increased to $61,000. Indexed Plan Limits    2022 2021 Deferral Limits      401(k) Plan or SAR-SEP   $20,500 $19,500      403(b) Plan or 457 Plan 20,500 [...]

Explore the Benefits of SERPs

By |2021-08-18T18:03:29+00:00August 19th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases|

A SERP may sound like a creature from a science fiction movie, but it is actually a popular retirement savings vehicle for the top brass. Typically, the SERP—an acronym for Supplemental Executive Retirement Plan—is used to complement a 401(k) or other qualified plan. It offers generous benefits to a chosen few and enables an employer [...]

How Traditional and Roth IRAs Differ

By |2021-06-17T14:19:23+00:00May 12th, 2021|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

As you probably already know, there are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2020 tax year is May 17, 2021 (extended from April 15, 2021). There are no further extensions even if you obtain the regular “automatic extension” for [...]

IRS Required Retirement Plan Restatements Cycle Opened on August 1

By |2020-08-24T15:14:46+00:00August 24th, 2020|Corporate & Partnership Tax, Pension Admin & Consulting, Press Releases|

Many retirement plans are written using Internal Revenue Service (IRS) pre-approved documents. Pre-approved plans must be restated every six years to update their plan documents to reflect recent legislative and regulatory changes since the previous restatement, to maintain their tax qualified status. The six-year restatement period is known as a “cycle”. The last restatement [...]

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