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IRS Lists Solo 401(k) Plans as Audit Target

Shared by: Kelton Collopy, QKA If your business sponsors a “solo 401(k)” plan, it may be in the crosshairs of the Internal Revenue Service. The Service’s TE/GE (Tax Exempt and Government Entities) division has...
Read MoreThe Dreaded 401(k) Refund: Corrective Distributions

401K REFUNDS: NOT AS GOOD AS THEY SOUND With tax season fresh on our minds, many hear the word refund and begin running down their imagery wish list of ways to spend this extra money. However, when it comes to 401(k) refunds, or...
Read MoreCost-of-Living Adjustments for 2021 Announced

Cost-of-Living-Adjustments for 2021: Changes to a Few Limits. The Social Security Administration recently announced Cost-of-Living-Adjustments (COLA) for 2021. Changes are bolded below. Health Savings Account (HSA) and High Deductible...
Read MoreChoices, Choices!

Once upon a time there was vanilla, chocolate, and maybe strawberry ice cream. As a kid growing up, we had a choice of the above flavors or sometimes vanilla fudge. As we all know now there are almost as many different flavor/topping...
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COVID-19 CARES Act Extended Relief

The IRS recently announced it will be extending relief for the CARES Act for participants in a plan to include a spouse who was laid off. A ‘qualified individual’ definition now includes reductions in pay, recession of job...
Read MoreSpousal Consent Rules

Certain (not all) retirement plans require a spouse to consent in writing to a plan distribution and/or loan. In ‘normal’ times this meant the spouse taking the paperwork to their local notary, or their bank if those...
Read MoreCARES Act Signed into Law on Friday, March 27, 2020

The Senate’s $2 trillion stimulus package has been sent to the House. Listed below are a summary of the bill’s provisions that impact retirement plans. Note that this has not been finalized by the House nor signed into law...
Read MoreTax Filing Deadline Extended

On March 21, 2020, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax...
Read MoreTake Advantage of Qualified Business Income (QBI) in 2019

As the year end approaches, we are working with financial advisors to help pass-through entities (S-Corporations, Sole Proprietorships and Partnerships) use employer contributions to qualified retirement plans in order to take...
Read MoreIRS Announces 2020 Limitations

Cost-of-Living-Adjustments for 2020: Changes to Some Limits. The Social Security Administration recently announced Cost-of-Living-Adjustments (COLA) for 2020. Changes are bolded below. Health Savings Account (HSA) and High Deductible...
Read MorePartner Spotlight: Nationwide Financial

Tycor Benefit Administrators, Inc.® works with financial advisors and a variety of record keepers to help design effective retirement programs. A recent case that chose to work with Tycor, also chose Nationwide as their record...
Read MoreYour Retirement Plan: Key Deadlines

Where oh where did the summer go? As I write this, we’re amid another heat wave, but I’m sure by the time you read this, summer will be over and you’ll be deluged with deadlines for everything from your child’s...
Read MoreHardship Reform: Available Now

Just when you wrapped your head around what a hardship was per the IRS definition, comes new compliance changes. Many of us were aware these changes were coming but kept mum since we had no official guidance. Any plan, beginning after...
Read MoreSafe Harbor for All? Not so Fast! There is More Than One Way to Fix a 401(k) Plan

One of the 401(k) plan complaints I have heard in my career from plan sponsors is that they don’t like to have to take, or give refunds of salary deferral contributions to their Highly Compensated Employees (HCE). Usually, if a...
Read MoreIs Your Client’s SIMPLE IRA Plan Ready for an IRS Audit?

If any of your clients sponsor a Savings Incentive Match Plan for Employees (SIMPLE) and have not had the misfortune of undergoing an IRS audit, consider this a wakeup call! Recently, we consulted with a client who sponsored a SIMPLE...
Read MoreTPA Services: When Maximizing Your Retirement Plan is NOT Maximizing Your Retirement Savings
Monday, February 25, 2019As an Advisor, your goal is to help your clients maximize their retirement plan savings. Did you know that even with the best Profit Sharing Plan, you can help your client save even more for retirement by adding a Cash Balance Plan?...
Read MoreNew Year - New Resolutions

res-o-lu-tion rezəˈlo͞oSH(ə)n noun firm decision to do or not do something the action of solving a problem, dispute or contentious matter By now you have made (or even broken) a resolution or two. I will eat better (right after I...
Read MoreLaunch, Grow and Improve your 401(k) Business
Monday, April 30, 2018Financial Advisors: Are you looking to launch, grow and improve your 401(k) business? Learn more about the 401(k) Sales Champion Workshop. This is a complete sales development program for advisors who wish to expand their business by...
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